Journalizing periodic inventory transactions [10-15 min]
Halton Prosthetics uses the periodic inventory system and had the following transactions:
Requirementa. Purchase of inventory on account, $2,000
b. Sale of inventory on account for $3,100
c. Closing entries:
(1) Beginning inventory, $480
(2) Ending inventory at FIFO cost, $670
(3) Purchases, $2,000
(4) Cost of goods sold at FIFO cost, $1,810
1. Journalize the transactions for the company.
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