ales data for a line of tires it deals. m. (20) JR Tire Store reported the following October purchases and sales date he company uses a perpetual inventory system. 1) Prepare the company's inventory record using LIFO. se month. 3). Journalize the transactions 2) Identify cost of goods sold for the month and the profit of the month...... on October 18 and 26. Date Item Quantity (Units) Unit Price Oct. 1 Beginning Inventory $68 90 67 7 Sales 18 Purchase 26 Sales 91 IV. (40') Journalize the following transactions according to the descriptions and requirements: 1. In March, Smith Co. completed the following transactions: July 1 Received $10,000 contribution from Bill Alone in exchange for capital. Paid utilities expense of $400. 12 Purchased equipment on account, $2,400. 21 The owner, Bill Alone, withdrew $500 cash from the business. 27 Performed services for a client on account, $3,400. Journalize each of the above transactions. 2. KOOL Co. purchases and installs a machine on Jan. 1, 2013 at a cost of $109,000. St