Question: Problem 8 - 1 ( Algo ) Various inventory transactions; journal entries [ LO 8 - 1 , 8 - 2 , 8 - 3

Problem 8-1(Algo) Various inventory transactions; journal entries [LO8-1,8-2,8-3]
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Autumn Company began the month of October with inventory of $17,000. The following inventory transactions occurred during the month:
a. The company purchased inventory on account for $25,000 on. October 12. Terms of the purchase were 310,n30. Autumn uses the net method to record purchases. The inventory was shipped fo.b. shipping point and freight charges of $520 were paid in cash.
b. On October 31, Autumn paid for the inventory purchased on October 12.
c. During October inventory costing $18,300 was sold on account for $28,400.
d. It was determined that inventory on hand at the end of October cost $23,470.
Problem 8 - 1 ( Algo ) Various inventory

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