b. Case 2: in July, the company is planning to reduce its inventory and expects to replace only 260 of its units by December 31 , the end of its fiscal year. 1. Prepare the entry in July to record the sale of the 1,380 units. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Not. Show less 4 Journal entry worksheet a. Case 1: In July, the company is planning to reduce its inventory and expects to replace only 990 of these units by December 31 , the end of its fiscal year. 3. Prepare the entry for the replacement of the 990 units in September at an actual cost of $28 per unit. Note: if no entry is required for a transaction/event, select "No journal entry required" in the first account field. Show less A Journal entry worksheet Record the entry for the replacement of units in September. Nete! Enter debits before credits. During July, Laesch Company, which uses a perpetual inventory system, sold 1,380 units from its LIFO-based inventory, which had originally cost $17 per unit The replacement cost is expected to be $22 per unit. Required: Respond to the following two independent scenarios as requested 0. Case 1 In July, the company is planning to reduce its inventory and expects to replace only 990 of these units by December 31 , the end of its fiscal year. 1. Prepare the entry in July to record the sale of the 1,380 units 3. Prepare the entry for the replacement of the 990 units in September at an actual cost of $28 per unit. b. Case 2 . In July, the company is planning to reduce its inventory and expects to replace only 260 of its units by December 31 , the end of its fiscalyear. 1. Prepare the entry in July to record the sale of the 1,380 units. 2. In December, the company decided not to reploce any of the 1,380 units. Prepare the entry required on December 31 to eliminate any voluation accounts related to the inventory that will not be replaced: Complete this question by entering your answers in the tabs below. a. Case 1: In July, the company is planning to reduce its inventory and expects to replace only 990 of these units by December 31 , the end of its fiscal year. 1. Prepare the entry in July to record the sale of the 1,380 units. Note: If no entry is required for a transaction/event, select "No foumal entry required" in the first account field. Show lessi. Journal entry worksheet b. Case 2: In July, the company is planning to reduce its inventory and expects to replace only 260 of its units by December 31 , the end of its fiscal year. 2. In December, the company decided not to replace any of the 1,380 units. Prepare the entry required on December 31 to eliminate any valuation accounts related to the inwentory that will not be replaced. Note: If no entry is required for a transaction/event, select "No joumal entry required" in the first account field. Show less a Journal entry worksheet Record the entry to eliminate the remaining balance in the LIFO valuation account. Netei Enter debats before credis