James Sales sold 450 units of product to a customer on account. The company uses the perpetual inventory system and the FIFO inventory costing method. The selling price was $28 per unit, and the cost, according to the company's inventory records, was $12 per unit. Prepare the journal entries to record the sale. Omit explanations.
What will be an ideal response?
Note:
Sales Revenue = 450 units × $28 per unit = $12,600
Cost of Goods Sold = 450 units × $12 per unit = $5,400
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