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Assignment #4 - Chapter 6 Question 6 of 10 8.33/10 View Policies Show Attempt History...

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Accounting

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Assignment #4 - Chapter 6 Question 6 of 10 8.33/10 View Policies Show Attempt History Current Attempt in Progress At the beginning of the year, Grouper Ltd. had 910 units with a cost of $5 per unit in its beginning inventory. The following inventory transactions occurred during the month of January Jan. 3 9 Sold 730 units on account for $10 each. Purchased 970 units on account for $6 per unit. Sold 840 units for cash at $9 each. 15 Question 6 of 10 8.33/10 Tour answer is partially CUTTE Prepare journal entries for these January transactions assuming that Grouper Ltd. uses FIFO under a periodic inventory system. Grouper updates records at month end. (Ust all debit entries before credit entries. Credit account titles are automatically Indented when the amount is entered. Do not Indent manually. If no entry is required, select "No Entry" for the account titles and entero for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 3 Accounts Receivable Sales 9 Purchases Accounts Payable 15 Cash Sales 31 Cost of Goods Sold Inventory Assistance Used e Textbook and Media e Textbook 1 eTextbook 2 Video

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