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I need help writing journal entries for these problems: March 3: The company sells a customer 21 desktop computers at $515 each. Assume that the
I need help writing journal entries for these problems:
- March 3: The company sells a customer 21 desktop computers at $515 each. Assume that the company uses a LIFO cost flow assumption, and that the companys inventory before the sale had 15 desktop computers that cost $340 each from September 20X1 and 18 computers that cost $350 each from November 20X1.
- February 1: The company purchases new equipment for $30,200. The company also pays $200 for shipping the equipment and $500 for equipment installation. The equipment is assumed to have a $1,000 salvage value and 6 years of useful life.
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