(SOLVED) Use the data in Exercise Jul 1 Beginning inventory


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$19

Use the data in Exercise.Jul 1 Beginning inventory …………… 5 units @ $59 = $2958 Purchase…………………………… 3 units @ $59 = 17715 Purchase…………………………… 13 units @ $69 = 89726 Purchase…………………………… 1 units @ $79 = 79RequirementsJournalize the following for the periodic system:1. Total July purchases in one summary entry. All purchases were on credit.2. Total July sales in a summary entry. Assume that the selling price was $295 per unit and that all sales were on credit.3. July 31 entries for inventory. Halton uses LIFO. Post to the Cost of Goods Sold T-account to show how this amount is determined. Label each item in the account.4. Show the computation of cost of goods sold by the cost-of-goods-sold model.

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$19