Question: Question Three: Direct Applying: Journal Entries (8 items) are worth 24 marks/ 3 marks per entry - Other items are worth 2 marks per item

Question Three: Direct Applying: Journal Entries (8 items) are worth 24 marks/ 3 marks per entry - Other items are worth 2 marks per item total question marks is 30 marks Assuming the periodic inventory system is used, determine, using FIFO: (A) COGS for the Octobe Sales. (B) COGS for the October 20 Sales. (C)The Balance of ending inventory in units and total cos October 31. Prepare the appropriate journal entries to record: (D) The October 6 purchase. (E) October 11 Purchase. (F) The October 16 Purchase. (G) The October 30 Purchase. (H) The Octobe Sales. (I) The October 20 Sales. (J) The entries to close the October income statement items to Inci Summary. (Assume that sales revenue and the elements of cost of goods sold are the only inci statement items.)

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