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I need help filling out the FIFO General Journal, FIFO T accounts, LIFO General Journal, and the LIFO T accounts. please and thank you! Required
I need help filling out the FIFO General Journal, FIFO T accounts, LIFO General Journal, and the LIFO T accounts. please and thank you! Required information [The following information applies to the questions displayed below] The following information pertains to the inventory of Parvin Company during Year 2. During Year 2, Parvin sold 2,700 units of inventory at $90 per unit and incurred $41,500 of operating expenses. Parvin currently uses the FIFO method but is considering a change to LIFO. All transactions are cash transactions. Assume a 30 percent income tax rate. Parvin started the period with cash of $75,000, inventory of $12,000, common stock of $50,000. and retained earnings of $37,000. equired Record the above transactions in general journal form and post to T-accounts using (1) FIFO and (2) LIFO. Use a separate set of urnal entries and T-accounts for each method. Required a. Record the above transactions in general journal form and post to T-accounts using (1) FIFO and (2) LIFO. Use a separate set of journal entries and T-accounts for each method. Complete this question by entering your answers in the tabs below. Record the above transactions in general journal form using FIFO. (If no entry is required for a transaction/cvent, select "No journal entry required" in the first account field.) Journal entry worksheet Post the above transactions to T-accounts using FIFO. Record the above transactions in general journal form using UFO. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet 23456 Record purchases of merchandise inventory for cash. Note: Enter debits telore credits. Post the above transactions to T-accounts using LiFO
I need help filling out the FIFO General Journal, FIFO T accounts, LIFO General Journal, and the LIFO T accounts. please and thank you!
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