question b

Current Attempt in Progress At the beginning of the year, Pronghorn Ltd. had 870 units with a cost of $6 per unit in its beginning inventory. The following inventory transactions occurred during the month of January: Jan. 3 9 Sold 730 units on account for $10 each. Purchased 960 units on account for $7 per unit. Sold 780 units for cash at $9 each. 15 (a) Your answer is correct Prepare journal entries for these January transactions assuming that Pronghorn Ltd, uses FIFO under a perpetual inventory system. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Debit Credit Date Account Titles and Explanation Jan. 3 Accounts Receivable 7300 Sales 7300 entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Debit Credit Date Account Titles and Explanation Jan. 3 Accounts Receivable 7300 Sales 7300 (To record sale) 3 Cost of Goods Sold 4380 Inventory 4380 (To record the inventory) 9 Inventory 6720 Accounts Payable 6720 15 Cash 7020 Sales 7020 (To record sale) 15 Cost of Goods Sold 5320 Inventory 5320 (To record the inventory) (b) Prepare journal entries for these January transactions assuming that Pronghorn Ltd. uses FIFO under a periodic inventory system. Pronghorn updates records at month end. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Debit Credit Date Account Titles and Explanation Jan. 3 9 15 31