A company that uses a perpetual inventory system made the following cash purchases and sales. There...

 

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A company that uses a perpetual inventory system made the following cash purchases and sales. There was no beginning inventory. January 1: February 5: March 16: Purchased 550 units at $55 per unit Purchased 350 units at $65 per unit Sold 250 Units for $85 per unit Prepare general journal entries to record the March 16 sale using the FIFO inventory valuation method and the LIFO inventory valuation method. A company that uses a perpetual inventory system made the following cash purchases and sales. There was no beginning inventory. January 1: February 5: March 16: Purchased 550 units at $55 per unit Purchased 350 units at $65 per unit Sold 250 Units for $85 per unit Prepare general journal entries to record the March 16 sale using the FIFO inventory valuation method and the LIFO inventory valuation method.