iMore Info Sold 8 units for $100 each. Jun 3 16 Purchased 10 units at $56 each 23 Sold 8 units for $100 each. Print Done LIFO: Cost of Goods Sold Purchases Unit Cost Units Total Total Cost Inventory on Hand Unit Total Quantity Cost Cost Date Quantity Quantity Cost Cost Jun. 1 500 0 50 400 100 L 10|| P 560|| 56 ||| 8||| 56 || 448||| 560 Totals Jun. 23: Sold 8 units for $100 each. Start by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. Date Accounts Debit Credit Jun. 23 (FIFO) Now journalize the expense related to the June 23 sale-Sold 8 units. Review the FIFO perpetual record you prepared above. Date Accounts Debit Credit Jun. 23 (FIFO Next, journalize Watches R Us's inventory transactions for June under the LIFO method. Jun. 3: Sold 8 units for $100 each Start by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. Date Accounts Debit Credit Jun. 3 (LIFO) A More Info - X Jun. 3 16 23 Sold 8 units for $100 each Purchased 10 units at $56 each. Sold 8 units for $100 each Print Done Jun. 3: Sold 8 units for $100 each. Start by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. Date Accounts Debit Credit Jun. 3 (FIFO) Now journalize the expense related to the June 3 sale-Sold 8 units. Review the FIFO perpetual record you prepared above. Date Accounts Debit Credit Jun. 3 (FIFO) Jun. 16: Purchased 10 units at $56 each. Review the FIFO perpetual record you prepared above. Date Accounts Debit Credit Jun. 16 (FIFO) Jun. 23: Sold 8 units for $100 each. Jun. 23: Sold 8 units for $100 each. Start by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale Accounts Debit Credit Date Jun. 23 (FIFO) Now journalize the expense related to the June 23 saleSold 8 units. Review the FIFO perpetual record you prepared above. Date Accounts Debit Credit Jun. 23 (FIFO) Next, journalize Watches R Us's inventory transactions for June under the LIFO method. Jun. 3: Sold 8 units for $100 each. Start by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale Date Accounts Credit Debit Jun 3 (LIFO) Now journalize the expense related to the June 3 saleSold 8 units. Review the LIFO perpetual record you prepared above. Date Accounts Debit Credit Jun. 3 (LIFO) Jun. 16: Purchased 10 units at $56 each. Review the LIFO perpetual record you prepared above. Date Accounts Debit Credit Jun. 16 (LIFO) Jun. 23: Sold 8 units for $100 each. Start by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale Date Accounts Debit Credit Jun. 23 (LIFO) Now journalize the expense related to the June 23 sale-Sold 8 units. Review the LIFO perpetual record you prepared above. Date Accounts Debit Credit Jun. 23 (LIFO) Now journalize Watches R Us's inventory transactions for June under the weighted average (W. Avg.) method. Jun. 3: Sold 8 units for $100 each. Start by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. Date Accounts Debit Credit Jun. 3 (W. Avg.) Now journalize the expense related to the June 3 saleSold 8 units Review the weighted average perpetual record you prepared above. Date Accounts Debit Credit Jun. 3 (W. Avg.) Weighted Average: Purchases Unit Unit Total Date Quantity Cost Cost Jun. 1 D 16100560 560 3 Cost of Goods Sold Inventory on Hand Total Unit Total Quantity | Cost Cost Quantity Cost Cost 50 | 500 BD50400 2050 100 55 660 50 440 | 55 _ 16 840 560 Totals 10 _ 560 Review the revenue journal entries you prepared above. Review the FIFO record you prepared above. Review the LIFO perpetual record you prepared above. Review the weighted average perpetual record you prepared above. Sales Revenue - Cost of Goods Sold = Gross profit FIFO LIFO Weighted average Requirement 4. Which method maximizes net income? Which method minimizes income taxes? The method maximizes net income. The method minimizes income taxes