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Title: Required 1. Prepare a perpetual inventory record, at FIFO cost, for this merchandise. 2. Make journa Post by: Kamal Preet1 on Aug 12, 2022 PEI Distributors purchases inventory in crates of merchandise. Assume the
company began July with an inventory of 30 units that cost $300 each. During the month, the company engaged in the following business transactions: Jul. 10 Purchased 30 units on account at $320. 15 Sold 40 units on account at $700. 22 Purchased 70 units on account at $350. 29 Sold 75 units on account at $800. 31 Reported monthly operating expenses of $30,000. The company paid onethird with cash and the rest was recorded on account.) 31 Paid $12,000 of the Accounts Payable balance Assume PEI Distributors uses the FIFO cost method for valuing inventories. The company uses a perpetual inventory system. Title: Re: Required 1. Prepare a perpetual inventory record, at FIFO cost, for this merchandise. 2. Make ... Post by: Jessica11 on Aug 12, 2022 Hello :)
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