vitamin world began january with an inventory of 80 crates of vitamins that cost a total of $1,600. during the month, fit world purchased and sold merchandise on account as follows:

Project Description:

vitamin world began january with an inventory of 80 crates of vitamins that cost a total of $1,600. during the month, fit world purchased and sold merchandise on account as follows:
purchase 1 . . . . . . . . 140 crates @ $ 25
sale 1 . . . . . . . . . . . . 150 crates @ $ 40
purchase 2 . . . . . . . . 140 crates @ $ 30
sale 2 . . . . . . . . . . . . 170 crates @ $ 50
fit world uses the lifo method.
cash payments on account totaled $5,400. operating expenses for the month were $3,000, with two-thirds paid in cash, and the rest accrued as accounts payable.
requirements
1. which inventory method most likely mimics the physical flow of vitamin world’s inventory?
2. prepare a perpetual inventory record, using lifo cost, for this merchandise.
3. journalize all transactions using lifo.
Skills Required:
Project Stats: Edited

Price Type: Fixed

Project Budget: $1 to $8
Completed
Total Proposals: 5
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