Aqua Sports uses the (perpetual) LIFO inventory method. Aqua Sports started August with 6 helmets...
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Aqua Sports uses the (perpetual) LIFO inventory method. Aqua Sports started August with 6 helmets that cost 56 each. On August 19, Aqua bought 14 helmets at 59$ each. On August 28 , Aqua sold 12 helmets.
1. Aug 19 purchase of inventory was on account
2. Aug 28 sale of inventory was on account. Aqua sports sold each helmet for 103.
Journal entries for the purchase and sale of inventory
and journalize the cost of the sale on the 28th under lifo method.
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