Refer to the data for E5-28B. However, instead of the FIFO method, assume Underwater World uses the

Question:

Refer to the data for E5-28B. However, instead of the FIFO method, assume Underwater World uses the LIFO method.

Requirements
1. Prepare a perpetual inventory record for the watches on the LIFO basis to determine the cost of and cost of goods sold for the month.
2. Journalize Underwater World’s inventory transactions using the perpetual LIFO method. Assume that all purchases and sales are on account.

Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...