During July, Laesch Company, which uses a perpetual inventory system, sold 1,240 units from its LIFO-based inventory, which had originally cost $18 per unit. The replacement cost is expected to be $27 per unit.

b. Case 2: In July, the company is planning to reduce its inventory and expects to replace only 300 of its units by December 31, the end of its fiscal year. (1) Prepare the entry in July to record the sale of the 1,240 units. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet LIFO valuation Record the entry to eliminate the remaining balance in th account. Note: Enter debits before credits. Event General Journal Debit Credit