Solution for QID #6906: Accounting records for LyonsCorporationyield the following d | StudyHelpMe

Accounting records for Lyons Corporation yield the following data for the year ended June 30, 2014: Inventory, June 30, 2013.......................................................................... $15,000 Purchases of inventory (on account)......................................................... 68,000 Sales of inventory—83% on account; 17% for cash (cost $57,000).........115,000 Inventory at FIFO, June 30, 2014............................................................ 26,000 Requirements 1. Journalize Lyons’ inventory transactions for the year under the perpetual system. 2. Report ending inventory , sales, cost of goods sold, and gross profit on the appropriate financial statement.