The following data are available for the P.J.Berry Company

The company has experienced a temporary LIFO liquidation by not maintaining the base year inventory of 30,000 units.The company uses a perpetual inventory system.
Prepare the entries to account for the temporary liquidation and the replacement of the liquidated units assuming that 9,000 units will be replaced at $1.60 per unit

Question

The following data are available for the P.J.Berry Company
  
The company has experienced a temporary LIFO liquidation by not maintaining the base year inventory of 30,000 units.The company uses a perpetual inventory system.
Prepare the entries to account for the temporary liquidation and the replacement of the liquidated units assuming that 9,000 units will be replaced at $1.60 per unit

Quizplus · Accepted Answer

The Answer of The following data are available for the P.J.Berry Company
  
The company has experienced a temporary LIFO liquidation by not maintaining the base year inventory of 30,000 units.The company uses a perpetual inventory system.
Prepare the entries to account for the temporary liquidation and the replacement of the liquidated units assuming that 9,000 units will be replaced at $1.60 per unit

The Following Data Are Available for the P