1. Purchased 2000 laptops for $400.

2. Sold 1,500 laptops for $1,000

3. Purchased 2000 laptops for $500.

4. Sold 1500 laptops for $1,000.

5. Purchased 2,000 laptops for $ 600.

6. Sold 2,500 laptops for $1,000

7. Salary expenses were $ 20,000.

8. Rent expense was $5000.

Requirement

1. Journalize the entries above for FIFO, LIFO AND WEIGHTED AVERAGE

2. Complete inventory tables.

3. Prepare an income statement

Answer rating: 100% (QA)

1 Journal Entries NUMBER AND ACCOUNT FIFO DEBIT FIFO CREDIT LIFO DEBIT LIFO CREDIT WTG AVERAGE D... View the full answer