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Pam$$s Creations had the following sales and purchase transactions during Year $2.$ Beginning inventory consisted of $290$ items at $$97$ each. The company uses the FIFO cost flow assumption and keeps perpetual inventory records.

Date Transaction Description

March $5$ Purchased $270$ items @ $$105$

April $10$ Sold $155$ items @ $$209$

June $19$ Sold $285$ items @ $$209$

September $16$ Purchased $220$ items @ $$112$

November $28$ Sold $145$ items @ $$214$

Required

a$.$ Record the inventory transactions in general journal format. $($If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.$)$

Answer rating: 100% (QA)

Pams Creations Inventory Transactions FIFO Perpetual General Journal Entries March 5 20XX Purchase I... View the full answer