Question: This is accounting question im getting problem Question 2 (11 marks) iss The Chef (KTC) is a successful kitchen appliance and equipment retailer. One o

This is accounting question im getting problem

This is accounting question im getting problem Question 2 (11 marks) iss

Question 2 (11 marks) iss The Chef (KTC) is a successful kitchen appliance and equipment retailer. One o TC's most popular products is a compact, 3-basket air fryer that sells for $140. On anuary 1, 2020, KTC's inventory consisted of 37 air fryers with a cost of $94 each. "TC made the following purchases of air fryers during the 2020 year: Date of Purchase Quantity Cost March 12 45 $96 June 25 26 $95 September 4 32 $97 TC made the following cash sales of air fryers during the 2020 year: Date of Sale Quantity May 16 48 August 7 32 October 10 27 TC uses a perpetual inventory system and the first-in, first-out (FIFO) inventory nethod. Required: 1. Calculate the value of ending inventory and the cost of goods sold for air fryers for the 2020 year. (8 marks) 2. Prepare any journal entries required for the sale of goods on October 10, 2020

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