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Using T-accounts, record the transactions that occurred during 2014. Harriet's began 2014 with 500 hats which had a cost of $8 each. Employees physically counted 525 hats remaining in the warehouse at the end of 2014. Harriet's uses a periodic LIFO inventory system to cost their inventory. The following purchases (all on account) were made during 2014: (1) Jan 15th - 405 hats @ $10 each (2) March 23rd - 310 hats @ $12 each (3) July 2nd - 525 hats @ $14 each (4) October 31st-430 hats @ $15 each

Using T-accounts, record the transactions that occurred during 2014. Harriet's began 2014 with 500 hats which had a cost of $8 each. Employees physically counted 525 hats remaining in the warehouse at the end of 2014. Harriet's uses a periodic LIFO inventory system to cost their inventory. The following purchases (all on account) were made during 2014: (1) Jan 15th - 405 hats @ $10 each (2) March 23rd - 310 hats @ $12 each (3) July 2nd - 525 hats @ $14 each (4) October 31st-430 hats @ $15 each

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Using T-accounts, record the transactions that occurred during 2014. Harriet's began 2014 with 500 hats which had a cost of $8 each. Employees physically counted 525 hats remaining in the warehouse at the end of 2014. Harriet's uses a periodic LIFO inventory system to cost their inventory. The following purchases (all on account) were made during 2014: (1) Jan 15th - 405 hats @ $10 each (2) March 23rd - 310 hats @ $12 each (3) July 2nd - 525 hats @ $14 each (4) October 31st - 430 hats @ $15 each
Transcribed Image Text:Using T-accounts, record the transactions that occurred during 2014. Harriet's began 2014 with 500 hats which had a cost of $8 each. Employees physically counted 525 hats remaining in the warehouse at the end of 2014. Harriet's uses a periodic LIFO inventory system to cost their inventory. The following purchases (all on account) were made during 2014: (1) Jan 15th - 405 hats @ $10 each (2) March 23rd - 310 hats @ $12 each (3) July 2nd - 525 hats @ $14 each (4) October 31st - 430 hats @ $15 each
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