Centennial Company sold 600 units of inventory at $20 per unit on account.The company uses the perpetual inventory system and the last-in,first-out (LIFO)inventory costing system.The beginning inventory included 200 units at $9 per unit.The most recent purchases include 700 units at $12 per unit.The sale occurred after the last purchase.
a.Prepare the journal entries to record the sale.Omit explanations.
b.Compute the cost of the ending inventory.Label your work.

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The Answer of Centennial Company sold 600 units of inventory at $20 per unit on account.The company uses the perpetual inventory system and the last-in,first-out (LIFO)inventory costing system.The beginning inventory included 200 units at $9 per unit.The most recent purchases include 700 units at $12 per unit.The sale occurred after the last purchase.
a.Prepare the journal entries to record the sale.Omit explanations.
b.Compute the cost of the ending inventory.Label your work.

Centennial Company Sold 600 Units of Inventory at $20 Per