REFERENCE: Ref.08_08
Cement Company,Inc.began the first quarter with 1,000 units of inventory costing $25 per unit.During the first quarter,3,000 units were purchased at a cost of $40 per unit,and sales of 3,400 units at $65 per units were made.During the second quarter,the company expects to replace the units of beginning inventory sold at a cost of $45 per unit.Cement Company uses the LIFO method to account for inventory.
-What is the correct journal entry to record cost of goods sold at the end of the first quarter?

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The Answer of REFERENCE: Ref.08_08
Cement Company,Inc.began the first quarter with 1,000 units of inventory costing $25 per unit.During the first quarter,3,000 units were purchased at a cost of $40 per unit,and sales of 3,400 units at $65 per units were made.During the second quarter,the company expects to replace the units of beginning inventory sold at a cost of $45 per unit.Cement Company uses the LIFO method to account for inventory.
-What is the correct journal entry to record cost of goods sold at the end of the first quarter?

REFERENCE: Ref.08_08 Cement Company,Inc.began the First Quarter with 1,000 Units of Inventory