lifo transcation

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Challenge #3 Name Montoure Company uses a perpetual inventory system. Prepare the journal entries for the following Units Acquired Units Sold Date Activities at Cost at Reta Jan 1 Beginning inventory 600 units $40 perunt Jan 10 Purchase 500 units $42 perunt 13 Purchase return -200 units @$42 per una Jan 15 Sale 800 units Jan 21 Purchase 700 units @ $46 per unit Jan 28 Sale 500 units Jan 30 Sales return -100 units Totals 1.600 units 1,300 units e$75 per @ $75 per un Jan. 10 Purchased 500 units @ $42 per unit: 1/15, n/30; FOB destination. Jan. 13 Returned 200 units from Jan. 10 purchase. Sold 800 units @ $75 per unit on account, 2/10, n/30; FOB destination. Jan. 16 Paid for shipping on January 15. sale, $300 cash. Paid for Jan. 10 purchase net of return Jan. 21 Purchased 700 units @ $46 per unit: 1/15, n/30 Jan. 25 Received payment from January 15th. Jan. 28 Sold 600 units @ $75 per unit for cash. Jan. 30. Received customer return of 100 units from Jan. 28 sale. Ending Inventory under FIFO units@ $40 units@ $42 units@ $46 Ending Inventory under UFO units@ $40 units@ $42 200 units@ $46