11. JR Store reported the following October purchases and sales data for a line of...
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11. JR Store reported the following October purchases and sales data for a line of merchandise it deals. The company uses a perpetual inventory system. 1) Prepare the companys inventory record using LIFO. 2) Identify cost of goods sold for the month and the profit of the month. 3) Journalize the transactions on October 7 and 18. Date Item QuantityUnits Unit Price Oct. 1 Beginning Inventory 9 $ 70 6 75 7 Sales 7 105 18 Purchase 10 69 26 Sales 8 105
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