Western Sky Company Sold 500 Units of Inventory at $25

question 16

Essay

Western Sky Company sold 500 units of inventory at $25 per unit for cash.The company uses the perpetual inventory system and the FIFO inventory costing method.The beginning inventory included 550 units at a cost of $15 per unit.The cost of the most recent purchases is $10 per unit.Prepare the journal entries to record the sale.Omit explanations.

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Definitions:

Modeling

Modeling refers to the process of representing, simulating, or teaching behavior, skills, or processes by example.

Respondent Behavior

Behavior that occurs as a direct response to a specific stimulus without conscious thought.

Spontaneous Recovery

In psychology, the reappearance of a conditioned response after a delay or period of extinction.

Consistent

Showing steady conformity to character, profession, belief, or custom.