Use the Innovation Cycles data in Short Exercise 6-4 to journalize. Requirements 1. The March 16 purchase

Question:

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.

Data From Shot Exercise 6-4:

Review the facts on Innovation Cycles in Short Exercise 6-3.

Requirement

1. Prepare a perpetual inventory record for the LIFO method.

Data From Shot Exercise 6-3:

Innovation Cycles uses the FIFO inventory method. Innovation started March with 10 bicycles that cost \($60\) each. On March 16, Innovation bought 20 bicycles at \($70\) each. On March 31, Innovation sold 25 bicycles.

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Related Book For  book-img-for-question

Financial And Managerial Accounting

ISBN: 9780135080191

2nd Edition

Authors: Charles T Horngren, Jr Walter T Harrison

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