A Company Uses the Periodic Inventory System, and the Following

question 142

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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.

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Definitions:

Sexual Harassment

Unwanted or inappropriate sexual remarks or physical advances in a workplace or other professional or social situation.

Prevention Steps

Measures or actions taken in advance to stop something undesirable from occurring, such as an illness or accident.

Manager's Steps

A series of actions or strategies undertaken by a manager to achieve organizational goals or solve problems.

Sexual Harassment Prevention

Measures and strategies implemented to stop unwelcome sexual advances or behavior in the workplace or other environments.