Business, 26.03.2020 05:28 prishnasharma34

Boston Cycles started October with 12 bicycles that cost $42 each. On October 16, Boston bought 40 bicycles at $68 each. On October 31, Boston sold 34 bicycles for $100 each. Preparing a perpetual inventory record and journal entries—FIFO Requirements

1.PrepareBostonCycle’ FIFO inventory costing method.
2. Journalize the October 16 purchase of merchandise inventory on account and the October 31 sale of merchandise inventory on account.

S6-5 Preparing a perpetual inventory record and journal entries—LIFO Requirements

1. PrepareBostonCycle’ LIFO inventory costing method.
2. Journalize the October 16 purchase of merchandise inventory on account and the October 31 sale of merchandise inventory on account.

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Boston Cycles started October with 12 bicycles that cost $42 each. On October 16, Boston bought 40 b...