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    Nov 18, 2007, 08:31 AM
    With perpetual inventories accounts!
    I have this assignment due this week, I've been working at it for like 1 week but I can not figure out how the inventories are supposse to be posted, please help!

    The beginning invertory at Continental Office Supplies and data on purchases and sales for the three-month period are as follow:

    Jan, 1 Inventory 50 $20 1000
    7 Purchase 200 $22 4400
    20 sale 90 $40 3600
    30 sale 110 $40 4400
    Feb, 8 sale 20 $44 880
    10 Purchase 130 $23 2880
    27 sale 90 $42 3780
    28 sale 50 $45 2250
    Mar, 5 Purchase 180 $24 4320
    13 sale 90 $50 4500
    23 Purchase 100 $26 2600
    30 sale 80 $50 4000

    Record the inventory, purchases and cost of merchandise sold for data in a perpetual inventory.

    Determine total sales and cost of merchandise sold
    Determine gross profit
    Determine the ending inventory cost

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