The following is the inventory records of LULU in 2023-2024. LULU uses the perpetual inventory system to kee 2023 per unit 2024 1-Jan Beginning inventory, 1-Feb Purchased 1-Mar Sold 1-May Purchased 1-Oct Sold 1-May Purchased 1-May Sold #units 5,000 5,000 8,000 3,000 4,000 $25 $30 $100 $40 $100 5,000 $35 3,000 $100 Assume that LULU uses FIFO for internal purposes and LIFO for external reporting purposes. At the beginning of 2023, there was no balance reserve. When making journal entries at the end of 2024, LULU should:

The following is the inventory records of LULU in 2023-2024. LULU uses the perpetual inventory system to kee 2023 per unit 2024 1-Jan Beginning inventory, 1-Feb Purchased 1-Mar Sold 1-May Purchased 1-Oct Sold 1-May Purchased 1-May Sold #units 5,000 5,000 8,000 3,000 4,000 $25 $30 $100 $40 $100 5,000 $35 3,000 $100 Assume that LULU uses FIFO for internal purposes and LIFO for external reporting purposes. At the beginning of 2023, there was no balance reserve. When making journal entries at the end of 2024, LULU should:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Subject: accounting
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