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Business · Accounting
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Use the data provided in P2 but assume that the company uses the periodic inventory system. P2 the inventory of Wood4Fun and data on purchases and sales for a two-month period follow.The company does its books at the end of each month It uses the periodic inventory system.Data is as follows, The proble is for P3. page 294. Needles & Powers ( Perpetual Inventory system and Inventory costing Methods. )Use the data as follows but assume that the company uses the perpetual inventory system. I think this is what is messing me up? Do we run a balance of enventory after each transaction?

Apr 1 Beginning inventory 50 units @ $204

Apri 10 Purchase             100 units @ $220

April 17 sale                    90 units

April 30 Ending inventory   60 units

May 2 Purchase 100 units @ 216

May 14 Purchase 50 units @ $224

May 22 Purchase 60 units @ $ 234

May 30 sale     200 units

May 31 Ending inventory    70 units

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