Question: Refer to the data in Problem 7-5A. a. Using LIFO perpetual inventory procedure, prepare the journal entries for the purchases and sales (Cost of Goods

Refer to the data in Problem 7-5A.

a. Using LIFO perpetual inventory procedure, prepare the journal entries for the purchases and sales (Cost of Goods Sold entry only).

b. Repeat a using LIFO periodic inventory procedure, including closing entries. (Note: You may want to refer to the Appendix in Chapter 6 for this part.)

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