Journalizing inventory transactions—LIFO [5-10 min]
Use the Mountain Cycles data in Short Exercise.
Requirements
1. Journalize the August 16 purchase of inventory on account.
2. Journalize the August 31 sale of inventory on account. Mountain sold each bicycle for $84.
3. Journalize the Cost of goods sold under LIFO on August 31.
Perpetual inventory record—LIFO [10 min]
Review the facts on Mountain Cycles in Short Exercise.
Requirement
1. Prepare a perpetual inventory record for the LIFO method.
Perpetual inventory record—FIFO [10 min]
Mountain Cycles uses the FIFO inventory method. Mountain started August with 12 bicycles that cost $42 each. On August 16, Mountain bought 40 bicycles at $68 each. On August 31, Mountain sold 36 bicycles.
Requirement
1. Prepare Mountain’s perpetual inventory record.
We need at least 10 more requests to produce the solution.
0 / 10 have requested this problem solution
The more requests, the faster the answer.