103. The following data are available for the month of April for State Company:April 1 inventory120 units at $8.15 eachApril 10 purchase200 units at $8.20 eachApril 20 purchase410 units at $8.40 eachApril 25 purchase310 units at $8.50 eachState sold 630 units on April 23.Compute the value of ending inventory assuming State uses the perpetual FIFO inventory costing method.
L.O. 1ModeratePage: 251104. The following data pertain to Starr Company for the year ended December 31, 20X6:Beginning inventory balance$245,500Purchases of inventory on credit during year670,000Sales (60% on credit) during year750,000Cost of goods sold during year55% of salesPrepare all necessary journal entries under the perpetual inventory system to record purchases and sales for the year.