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Boston Cycles started March with 5 bicycles that cost $ 48 each. On March 16,Boston...

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Question

Accounting

Boston Cycles started March with 5 bicycles that cost $ 48 each. On March 16,Boston purchased 30 bicycles at $ 55 each. On March 31, Boston sold 16 bicycles for $ 105 each.
Requirements
1.
Prepare Boston Cycle's perpetual inventory record assuming the company uses the LIFO inventory costing method.
2.
Journalize the March 16 purchase of merchandise inventory on account and the March 31 sale of merchandise inventory on account.

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