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    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 Preview

    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 ...

    Solution Summary

    The solution explains the journal entries in a perpetual inventory method.