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Academy Sporting Goods uses LIFO perpetual inventory method. During the month of October, the company bad the following transactions for Basketballs. Academy sells basketballs to
Academy Sporting Goods uses LIFO perpetual inventory method. During the month of October, the company bad the following transactions for Basketballs. Academy sells basketballs to customers for $20 /each. Provide answers to the questions below. Cost of Goods Sold - October $ Ending Inventory of Basketballs 10/31 \$370.10 Revenue for October $880.00 Gross Profit for October $524.60 10/1: purchased 40 balls for $8 /each 10/2 : purchased 20 balls for $8.05/ each 10/3: sold 11 balls 10/4: sold 17 balls 10/5 : purchased 30 balls for $8.15/ each 10/7: sold 16 balls JOURNAL ENTRIES: Academy Sporting Goods uses LIFO perpetual inventory method. During the month of October, the company bad the following transactions for Basketballs. Academy sells basketballs to customers for $20 /each. Provide answers to the questions below. Cost of Goods Sold - October $ Ending Inventory of Basketballs 10/31 \$370.10 Revenue for October $880.00 Gross Profit for October $524.60 10/1: purchased 40 balls for $8 /each 10/2 : purchased 20 balls for $8.05/ each 10/3: sold 11 balls 10/4: sold 17 balls 10/5 : purchased 30 balls for $8.15/ each 10/7: sold 16 balls JOURNAL ENTRIES
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