1. find the missing amounts in the perpetual inventory schedule using FIFO cost formula

2.prepare journal entries for these january transactions assuming concord ltd uses fifo under a perpertual inventory system

3.prepare the adjusting journal entry required

Sheffield Furniture Shop Inc. uses the lower of cost and net realizable value basis (LCNRV) for reporting its inventory. The following data are available at December 31. Prepare the adjusting journal entry required, if any, to record the lower of cost and net realizable value of the inventory assuming Sheffield Furniture Shop uses a perpetual inventory system. (List debit entry before credit entry. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Fill in the missing amounts in the perpetual inventory schedule, using the FIFO cost formula. At the beginning of the year, Concord Ltd. had 880 units with a cost of $7 per unit in its beginning inventory. The following inventory transactions occurred during the month of January: Jan. 3 Sold 710 units on account for $15 each. 9 Purchased 1,020 units on account for $8 per unit. 15 Sold 820 units for cash at $14 each. (a) Prepare journal entries for these January transactions assuming that Concord Ltd. uses FIFO under a perpetual inventory system. Uist all debit entries before credit entries. Credit account titles are outomatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the occount titles and enter Ofor the amounts. \begin{tabular}{|cccccccc|} \hline \multicolumn{9}{|c}{ Purchases } & & \multicolumn{2}{c|}{ Cost of Goods Sold } \\ \hline Date & Units & Cost & Total & Units & Cost & Total \\ \hline Oct. & 2 & 8,700 & $12 & $104,400 & & & \\ \hline & 15 & 14,500 & 16 & 232,000 & & & \\ \hline \end{tabular} Flint Inc, is trying to determine whether to use the FIFO or average cost formula. The accounting records show the following selected inventory information: The company accountant has prepared the following partial statement of income to help management understand the financial statement impact of each cost determination cost formula