Question: Mastering Inventory Homework Section 3-INVENTORY RECORDKEEPING USING THE PERIODIC METHOD 1. On April 10, MDC orders inventory with an invoice price of $18,000, FOB

April 10, MDC orders inventory with an invoice price of $18,000, FOB

destination. MDC receives the goods and invoice on April 13 and pays

Mastering Inventory Homework Section 3-INVENTORY RECORDKEEPING USING THE PERIODIC METHOD 1. On April 10, MDC orders inventory with an invoice price of $18,000, FOB destination. MDC receives the goods and invoice on April 13 and pays the invoice in full on April 20. On April 30, the inventory is sold for $25,000 cash. Prepare the journal entries to record each transaction under the periodic method.

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