Terrace Inc.uses the periodic LIFO cost flow assumption.During the period 23 units were sold at a price of $30 per unit.Transportation costs on the purchases totaled $252.
$\begin{array}{lll}& \text { \# of units}& \text {Unit cost }\
\text { Beginning balance } & 10 & \$ 25 \
\text { Purchase 1 } & 15 & 22 \
\text { Purchase } 2 & 9 & 20 \
\text { Purchase 3 } & 12 & 25
\end{array}$ Required:
Prepare the journal entries to record the purchases and any adjusting entries for the end of the period.

Question

Terrace Inc.uses the periodic LIFO cost flow assumption.During the period 23 units were sold at a price of $30 per unit.Transportation costs on the purchases totaled $252.
 $\begin{array}{lll}& \text { \# of units}& \text {Unit cost }\
\text { Beginning balance } & 10 & \$ 25 \
\text { Purchase 1 } & 15 & 22 \
\text { Purchase } 2 & 9 & 20 \
\text { Purchase 3 } & 12 & 25
\end{array}$ Required:
Prepare the journal entries to record the purchases and any adjusting entries for the end of the period.

Quizplus · Accepted Answer

The Answer of Terrace Inc.uses the periodic LIFO cost flow assumption.During the period 23 units were sold at a price of $30 per unit.Transportation costs on the purchases totaled $252.
 $\begin{array}{lll}& \text { \# of units}& \text {Unit cost }\
\text { Beginning balance } & 10 & \$ 25 \
\text { Purchase 1 } & 15 & 22 \
\text { Purchase } 2 & 9 & 20 \
\text { Purchase 3 } & 12 & 25
\end{array}$ Required:
Prepare the journal entries to record the purchases and any adjusting entries for the end of the period.

Terrace Inc Required: Prepare the Journal Entries to Record the Purchases and 23

Terrace Inc Required:
Prepare the Journal Entries to Record the Purchases and 23