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Business · Accounting
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Create a inventory tracking schedule for these transactions using the LIFO method:

1. On January 1 you have a beginning units of 15,000 at 65$ each.

2. On January 22nd you purchased 8,500 additional units of inventory at a cost of $63.00 per unit.You paid 45% in cash and purchased the remainder on account.

3. April 21st, your customers bought 15,000 units of your product for $115 per unit (you decidewhat your company sells). The cost of this product is determined by the method of inventoryvaluation used by your company. Customers paid you 55% in cash and the remainder was on account.

4.  On April 27nd you purchased 9,250 units at a cost of $67 per unit. You paid 45% in cash andpurchased the remainder on account.

5. August 15th, your customers bought 9,000 units of your product at $112.00 per unit. The cost ofthis product is determined by the method of inventory valuation used by your company.Customers paid you 50% in cash and the remainder was on account.

6.   On October 1st, you purchased 11,250 units at the increased price of $61 per unit. The purchasewas made on account.

7.  November 19th, your customers bought 8,650 units of your product at $106 per unit. The cost of this product is determined by the method of inventory valuation used by your company. Customers paid you 55% in cash and the remainder was on account.

Put in T - account for inventory

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