Question
Please show me how to do this 7.3 - TSHIRT COMPANY (LIFO INVENTORY METHOD) [SAME PROBLEM] COMPLETE THE GRID USING THE LIFO INVENTORY TRACKING METHOD
Please show me how to do this
7.3 - TSHIRT COMPANY (LIFO INVENTORY METHOD) [SAME PROBLEM] COMPLETE THE GRID USING THE LIFO INVENTORY TRACKING METHOD EQUITY CONTRA-REVENUE COGS (184) O ratin Ex nses BEG. IA 25 1B 5000 100 15 5000 UFO ASSETS 1,000 1,000 LIABILITIES 600 400 400 cr FIGURES TRANSACTIONS IA 1B 2 ear- 4 5 6 7 Purchase 3 shirts for $10 each. You pay cash for the total purchase price. The "plan" is to sell these shirts in the future at a profit. Purchase 2 shirts for $15 each. You pay cash for the total purchase price. The "plan" is to sell these shirts in the future at a profit. Sell 2 shirts for $80 cash TOTAL ($40 each). Customers pay you with cash. REMINDER: Company uses the LIFO inventory tracking method. Purchase another 7 shirts. The price has per shirt was $22. The purchase is made on account. Sell shirts to six different customers. Each customer was charged $40 for their shirt. All customers pay cash. Sell 1 shirt for $80 on ACCOUNT. You provide the customer terms of 5/10 n/30. The customer did NOT come to the store. Paid $10 cash for shipping to get the shirt from #5 to the customer. Customer from #2 called and was disappointed with the quality of their shirt. You offer a $20 allowance to smooth things over. Customer accepts you pay cash.
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