A company uses the periodic inventory system and the following information is available.All purchases and sales are on credit.
1.)Prepare the general journal entries to record:
The October 6 purchase.
The October 12 sale.
2.)Assuming the periodic inventory system is used,determine both the cost of the ending inventory and the cost of goods sold using the LIFO method for October.
Definitions:
Behavior In Organizations
Refers to the actions and interactions of individuals within an organizational setting, influenced by the organization's culture, policies, and structure.
Structural Intervention
A method used in organizations to improve effectiveness through changes in policies, structures, and procedures.
Rewards Systems
The mechanisms or programs designed by an organization to recognize, reward, and motivate employees’ achievements and performance.
Culture Change
The modification of a society or organization's values, norms, and practices over time.
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