Prepare journal entries for these transactions using FIFO perpetual inventory procedure. Assume the…

The following are selected transactions and other data of the Custer Company:

Purchased 20 units at USD 360 per unit on account on 2010 September 18.

Sold 6 units on account for USD 576 per unit on 2010 September 20.

Discovered a shortage of USD 2,640 at year-end after a physical inventory.

Prepare journal entries for these transactions using FIFO perpetual inventory procedure. Assume the beginning inventory consists of 20 units at USD 336 per unit.

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