During July, Laesch Company, which uses a perpetual inventory system, sold 1,430 units from its LIFO-based inventory, which had originally cost $16 per unit. The replacement cost is expected to be $27 per unit. Required: Respond to the following two independent scenarios as requested. a. Case 1. In July, the company is planning to reduce its inventory and expects to replace only 1,010 of these units by December 31, the end of its fiscal year. (1) Prepare the entry in July to record the sale of the 1,430 units. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet No Event General Journal Debit Credit A 1 33,990 Cost of goods sold Inventory Excess of replacement cost over LIFO cost of inventory liquidation 22,880 11,110 (3) Prepare the entry for the replacement of the 1,010 units in September at an actual cost of $31 per unit. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet No Event General Journal Debit Credit 1 Inventory Cost of goods sold 16,160 11,110 Excess of replacement cost over LIFO cost of inventory liquidation 4,040 Accounts payable 31,310 b. Case 2. In July, the company is planning to reduce its inventory and expects to replace only 250 of its units by December 31, the end of its fiscal year. (1) Prepare the entry in July to record the sale of the 1,430 units. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet No Event General Journal Debit Credit A 1 Cost of goods sold Inventory Excess of replacement cost over LIFO cost of inventory liquidation 2,750 s (2) In December, the company decided not to replace any of the 1,430 units. Prepare the entry required on December 31 to eliminate any valuation accounts related to the inventory that will not be replaced. (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