Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. aqua sports uses the (perpetual) lifo inventory me

Aqua Sports uses the (perpetual) LIFO inventory method. Aqua Sports started August with 6 helmets...

70.2K

Verified Solution

Question

Accounting

Aqua Sports uses the (perpetual) LIFO inventory method. Aqua Sports started August with 6 helmets that cost 56 each. On August 19, Aqua bought 14 helmets at 59$ each. On August 28 , Aqua sold 12 helmets.

1. Aug 19 purchase of inventory was on account

2. Aug 28 sale of inventory was on account. Aqua sports sold each helmet for 103.

Journal entries for the purchase and sale of inventory

and journalize the cost of the sale on the 28th under lifo method.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Biology
1.2K views

What taxonomic group would include those in the Out of Africa theory (OOA), but not Homo...

Biology
1.2K views

2) What are the essential molecules of life? Discuss these molecules in relation to two examples of...

Medical Sciences
1.2K views

1. Infant respiratory distress syndrome is a condition found in premature babies. In IRDS, insufficient surfactant...

Physics
1.2K views

The wave function for hydrogen in the 1s state may be expressed as ψ(r) = Ae−r/a0....

Geometry
1.2K views

fiber optic network to monitor power meters at residents homes The network is called Santa...

Basic Math
1.2K views

5. A sequence is defined by a? = 1, an+1 =1/2(an+3). Which of the following...

Accounting
1.2K views

DR Bank CR Date Detail Fol Amount Date Detail Fol Amount 1000 000 R 100...

Accounting
1.2K views

Required: decimal value .03827 would be entered as " 3.83" percent. For turnover,...

Accounting
1.2K views

What is the requirement and justification for the use of consolidated Financial Statements?

Accounting
1.2K views

2. Financial appraisal of investment projects The NextGen project is an example of how the...

Finance
1.2K views

SDJ, Inc., has net working capital of $1,090, current liabilities of $6,750, and inventory of...

Finance
1.2K views

QUESTION 50 Assume the two-year "real" interest rate is 1.25%, and the market...