23 please quickly thanks!
calculations
See the transactions in the picture presented.
a. Record the journal entries of the transactions on Nov 6th. (Assuming the purchase is on credit)
b. How much is the merchandise sold using perpetual LIFO method? (Show the calculations)
C. How much is the gross profit in November?
Nov 1 Inventory 140units at $25
Nov 6 Credit Sales 60 units at $30 (Selling price)
Nov 14 Purchase 100 units at $22
Nov 19 Credit Sales 80 units at $30 (Selling price)
Nov 25 Credit Sales 60 units at $30 (Selling price)
Nov 30 Purchase 70 units at $20
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