E6-11A. (Learning Objectives 1, 2: Show how to account for inventory transactions; apply the FIFO cost method) Accounting records for Lyons Corporation yield the following data for the year ended June 30, 2014:

Requirements

Journalize Lyons inventory transactions for the year under the perpetual system.

Report ending inventory, sales, cost of goods sold, and gross profit on the appropriate financial statement. -------------

Inventory, June 30, 2013$15,000 Purchases of inventory (on accoun68,000 Sales of inventory-3% on account; 17% for cash (cost S$7,000} 1 15,000 Inventory at FIR), June 30, 2014 - 26,000