Mikes Powersports uses the (perpetual) LIFO inventory method. Mikes Powersports started August with 10 helmets that cost
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Mike’s Powersports uses the (perpetual) LIFO inventory method. Mike’s Powersports started August with 10 helmets that cost \($54\) each. On August 19, Mike’s Powersports bought 15 helmets at \($56\) each. On August 28, Mike’s Powersports sold 12 helmets.
1. The August 19 purchase of inventory was on account.
2. The August 28 sale of inventory was on account. Mike’s Powersports sold each helmet for \($95.
Prepare\) the required journal entries for the purchase and sale of inventory.
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