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.
What will be an ideal response?
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Indicate whether the statement is true or false
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