Prepare Boston Cycle's perpetual inventory record assuming the company uses the LIFO inventory costing method....
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Prepare Boston Cycle's perpetual inventory record assuming the company uses the LIFO inventory costing method.
Journalize the March purchase of merchandise inventory on account and the March sale of merchandise inventory on account.
Requirement Prepare Boston Cycle's perpetual inventory record assuming the company uses the LIFO inventory costing method.
Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of inventory purchased, sold, and on hand at the end of the period. For cost of goods sold, enter the first layer out under LIFO costing first. For inventory on hand, enter the oldest inventory layer first. Abbreviation used: QTY Quantity; Tot. Total
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