1. Beginning Inventory 2. Purchase 3. Purchase 4. Sale on Account 5. Cash Sale SHOE INVENTORY FINAL FIFO & LIFO & WA 4,000 pairs @ $20 each 4,000 pairs @ $25 each 4,000 pairs @ $30 each 2,000 pairs @ $100 each 4,000 pairs @$100 each GROSS PROFIT FIFOR LIFOSI WA Sales 400,000 $ 400,000 $ 400,000 Less Cogs $ 40,000 $ 60,000 $ 50,000 Gross Profit $ 360,000 $ 340,000 $ 350,000 JOURNAL ACCOUNTS FIFO DEBIT FIFO CREDIT LIFOLIFOWA WA DEBIT CREDIT DEBIT CREDIT