AutoSave OH B ASSIGNMENTS(2) - Compatibility Mode Search (Alt+a) Kaur Simar File Home Insert Draw Design Layout References Mailings Review View Help Comments Share 2 : CO +5 = 1 21 T 0 Arial 12 A A A A B B ! | J vi x x M , DA Normal No Spacing Heading 1 Heading 2 Paste Find Replace Select Editing FR Dictate LO Reuse Files Editor Undo Clipboard Font Paragraph Styles Voice Editor use Files QUESTION 2 Kaanapali Merchandising had the following transactions during November: Nov1 Beginning inventory was 40 units valued at $50 per unit. Nov 5 Purchased 160 units of merchandise on account for $4,320, terms n/15, FOB shipping point. Nov 9 Paid transportation cost on the Nov 5 purchase, $480. Nov 10 Returned two units of defective merchandise purchased on Nov 5. Nov 11 Sold 60 units for $100 per unit on account. Nov 15 Paid for the Nov 5 purchase, less the return. Nov 20 Sold 20 units for $100 per unit on account. Required: Assuming FIFO and that the perpetual inventory system is used, prepare the journal entries to record the above transactions. Omit Explanations Perpetual Inventory Method Aaaa..NI .. neL: nete EX Engish (Canada) C.J:4 Focus BE Page 4 of 7 890 words Accessibility: Uravailable 100% 10C C Mostly cloudy ENG US 40 ) 8:36 PM 2022-03-26 0