question 5 ch 6

Requirements 1. Prepare AZ Oycle's perpetual inventory record assuming the company uset the LIFO inventory costing mothod. 2. Joumdize the July 16 purchase of merchandise invertory on account and the July 31 sale of merchandise invertory on account. Requirement 1. Propare AZ Cycle's perpetual ieventory recond assuming the company utes the LIFO inventsry costing method. Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balances after esch transaction, Once all of the transactions tave LIFO costing first. For imventory on hand, enler the oldest imventory layer fest. Abbecovation used OTY = Ouantity; Tot = Total)