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a) Assulming that the net method is used for recording purchases, prepare the entries for...

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Accounting

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a) Assulming that the net method is used for recording purchases, prepare the entries for the purchase a V. Inventory methods. (20 points) Jones Company was formed on December 1, 2016. The following information is availabl two subsequent payments. e from Jor inventory record for Product X Unit Cost January 1, 2017 (beginning inventory) Purchases: Units 2,400 $18.00 January 5, 2017 January 25, 2017 February 16, 2017 March 15, 2017 3,900 3,600 1,500 2,700 $20.00 $21.00 $22.00 $23.00 A physical inventory on March 31, 2017, shows 3,000 units on hand. Instructions Prepare schedules to compute the ending inventory at March 31, 2017, under each of the following methods: (a)FIFO (b)LIFO (c) Weighted-average how supporting computations in good form

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