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create a journal entry with 6 entries and 2 partial income statements LIFO and FIFO...

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Question

Accounting

create a journal entry with 6 entries and 2 partial income statements LIFO and FIFO method
. You must record the transactions in the order listed in the table below:
Quantity
Cost per Item
Sales Price per Item
Beginning Inventory **
7
$4
Sale #1
5
$8
Purchase #1
4
$6
Sale #2
4
$12
Purchase #2
2
$8
**Beginning Inventory is a Balance Sheet amount and doesnt require a Journal Entry
Use this data for Specific Identification inventory Journal Entries:
You must record the transactions in the order listed in the table below:
Quantity
Cost per Item
Sales Price per Item
Beginning Inventory Blue**
7
$4
Sale #1 Blue
5
$8
Purchase #1 All Red
4
$6
Sale #21 Blue, 3 Red
4
$12
Purchase #2 All Yellow
2
$8
**Beginning Inventory is a Balance Sheet amount and doesnt require a Journal Entry

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