90.2K

Verified Solution

Link Copied!

Journal entry worksheet Record entry for income tax expenses paid. Note: Enter debits before credits. Journal entry worksheet 1 Record entry for operating expenses paid. Note: Enter debits before credits. Journal entry worksheet 6 Record purchases of merchandise inventory for cash. Note: Enter debits before credits. Journal entry worksheet Note: Enter debits before credits. Record the above transactions in general journal form using LIFO. (If no entry is required for a transaction/even entry required" in the first account field.) Journal entry worksheet 56 Record purchases of merchandise inventory for cash. Note: Enter debits before credits. Journal entry worksheet 1 Record entry for cost of goods sold. Note: Enter debits before credits. Required information [The following information applies to the questions displayed below.] The following information pertains to the inventory of Parvin Company during Year 2. During Year 2, Parvin sold 2,900 units of inventory at $80 per unit and incurred $42,000 of operating expenses. Parvin currently uses the FIFO method but is considering a change to LIFO. All transactions are cash transactions. Assume a 30 percent income tax rate. Parvin started the period with cash of $76,000, inventory of $14,400, common stock of $51,000, and retained earnings of $39,400. Required a. Record the above transactions in general journal form and post to T-accounts using (1) FIFO and (2) LIFO. Use a separate set of ournal entries and T-accounts for each method. Complete this question by entering your answers in the tabs below. Record the above transactions in general journal form using FIFO. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Post the ahove transactions to T-accounts using FIFO. Post the above transactions to T-accounts using LIFO

Answer & Explanation Solved by verified expert

See Answer