Perpetual inventory
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April 2. Purchased merchandise on account from Dakota Supply Co. $6,900, terms 1/10, n/30.
April 4. Sold Merchandise on account $5,500. FOB Destination, terms, 1/10, n/30. The cost of the merchandise sold was $4,1000
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Solution Summary
The solution explains the journal entries in a perpetual inventory method.
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In a perpetual inventory system all inventory transactions are recorded in the inventory account and in sales transactions, cost of goods sold is recorded when sales ...
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