Using the attached T-account template, prepare the entries to recognize the following transactions for ABC...
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Accounting
Using the attached T-account template, prepare the entries to recognize the following transactions for ABC Company with respect to Inventory Item # 1234
|
Date |
Transaction |
Quantity |
Purchase Price |
Selling Price |
| 1/1/17 | Beginning Inventory | 1,500 | $10 |
|
| 1/10/17 | Purchase | 2,500 | $15 |
|
| 1/12/17 | Sale | (3,000) |
| $30 |
| 1/19/17 | Purchase | 2,000 | $20 |
|
| 1/23/17 | Sale | (500) |
| $31 |
| 1/29/17 | Sale | (1,700) |
| $34 |
Use separate T-account templates to prepare the entries under the following criteria:
a. Periodic system, FIFO cost flow method
b. Perpetual system, FIFO cost flow method
c. Periodic system, LIFO cost flow method
d. Perpetual system, LIFO cost flow method
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