Cullumber Novelty had a beginning inventory balance on July 1 of 360 units at a...
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Accounting
Cullumber Novelty had a beginning inventory balance on July 1 of 360 units at a cost of $3.10 each. During the month, the following inventory transactions took place: Prepare journal entries to record the July 10 purchase and the July 11 sale using (1) FIFO periodic and (2) FIFO perpet both the sale and purchase were for cash. (If no entry is required, select "No Entry" for the account titles and enter 0 for the a Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries befor entries.)
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