Business, 06.10.2019 06:30 novelty3650
The following information pertains to the inventory of parvin company during year 2: jan. 1 beginning inventory 400 units @ $ 30 apr. 1 purchased 2,000 units @ $ 35 oct. 1 purchased 600 units @ $ 38 during year 2, parvin sold 2,700 units of inventory at $90 per unit and incurred $41,500 of operating expenses. parvin currently uses the fifo method but is considering a change to lifo. all transactions are cash transactions. assume a 30 percent income tax rate. parvin started the period with cash of $75,000, inventory of $12,000, common stock of $50,000, and retained earnings of $37,000. required a. record the above transactions in general journal form and post to t-accounts using (1) fifo and (2) lifo. use a separate set of journal entries and t-accounts for each method. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.)
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The following information pertains to the inventory of parvin company during year 2: jan. 1 beginni...
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