Question

ABC & Co is a grocery store and records its merchandise on periodic inventory system Following is the record of its purchases. June 1 1 June4 June 12 June 20 Balance of merchandise inventory 5,000 units @ 9 Purchases 9,000 units @ 9.5 Purchases 12,000 units @ 10 Purchases 15,000 units @ 11 Purchases 18,000 units @ 12 June 27 Physical count as on June, 30 shows that 7,000 units are on hand. 1383 Compute the COGS and cost of ending inventory using LIFO method Prepare the generaljournal of first purchase (4) (1)​

Answer 1

Answer:

Cash A/c DR

      To Bank A/c