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Shown below is activity for one of the products of Denver Office Equipment: January 1 balance, 500 units @ $55 per unit $27,500 Purchases: January
Shown below is activity for one of the products of Denver Office Equipment:
January 1 balance, 500 units @ $55 per unit $27,500 |
Purchases: |
January 10: 500 units @ $60 per unit |
January 20: 1,000 units @ $63 per unit |
Sales: |
January 12: 800 units |
January 28: 750 units |
Required:
1. Prepare the end of period entry using LIFO, periodic system. (Indicate Debit or Credit when entering into the Account.)
Account | Balance |
Debit Inventory | [c] |
[d] | [e] |
Credit Inventory | [f] |
[g] | [h] |
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