Miami Technologies began the year with inventory of $540. During the year, Miami...
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Miami Technologies began the year with inventory of $540. During the year, Miami purchased inventory costing $2,000 and sold goods for $2,800, with all transactions on account. Miami ended the year with inventory of $690. Miami prepared the following journal entries under the periodic inventory system at year end: Click the icon to view the journal entries.) Read the requirements. Requirement 1. Post to the Inventory and Cost of Goods Sold accounts. Post the beginning balance(s) and all entries to the Inventory and Cost of Goods Sold accounts Inventory Cost of Goods Sold End bal End bal Requirement 2. Compute cost of goods sold by the cost-of-goods-sold model. Plus Cost of goods available Less Cost of goods sold
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