Halton Prosthetics uses the periodic inventory system and had the following transactions:

Journalizing periodic inventory transactions

Halton Prosthetics uses the periodic inventory system and had the following transactions:

a. Purchase of inventory on account, $2,000

b. Sale of inventory on account for $3,100

c. Closing entries:

(1) Beginning inventory, $480

(2) Ending inventory at FIFO cost, $670

(3) Purchases, $2,000

(4) Cost of goods sold at FIFO cost, $1,810

Requirement

1. Journalize the transactions for the company.

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