Use lifo method and record cogs on a periodic basis

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Reference no: EM13259611

MBC will sell inventory at $160 per unit. MBC will use LIFO method and record COGS on a periodic basis. The company usesstraight line depreciation. A full month of depreciation isrecorded in the month of acquisition.

1) Owners invest $60,000 at the beginning of Jan and receive5,000 shares of $5 par common stock.

2) 200 units of inventory are purchased for $18,000 onaccount.

3) Cash sales 120 units of inventory occur in Jan.

4) Sales on account of 70 units occur in Jan.

What are the journal entries?

Reference no: EM13259611

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