(L.OBJ. 3) Journalizing inventory transactions—LIFO [5—10 min] Use the Innovation Cycle...

(L.OBJ. 3) Journalizing inventory transactions—LIFO [5—10 min]

Use the Innovation Cycles data in Short Exercise 6-4 to journalize

Requirements

1. The March 16 purchase of inventory on account.

2. The March 31 sale of inventory on account. Innovation sold each bicycle for $120.

3. The Cost of goods sold under LIFO on March 31.