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in December, Loris Car Haven purchased the following items: On December 22, the 2019 Honda and the 2022 Grey Toyota were sold for $24,000 and
in December, Loris Car Haven purchased the following items: On December 22, the 2019 Honda and the 2022 Grey Toyota were sold for $24,000 and $42,000 respectively Required: a. Identify which Inventory costing model should be used in this situotion and explain why? (2 Marks) b. Using your choice in port (a), calculate ending inventory and cost of goods sold. ( 6 Marks) c. Prepare the journal entry to record the December 22 cash sale transactions. ( 4 Marks)
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