Question

The following transactions affected Alpenrose Corporation's merchandise inventory during the month of March. 2016: Prepare the journal entries to record the purchase of March 8 and the sale of March 14 under both periodic and perpetual inventory systems (when using the perpetual system, prepare the journal entries under both FIFO and LIFO). Assume Alpenrose uses perpetual inventory system Determine the inventory balance Alpenrose would report on its March 31. 2016. balance sheet and the cost of goods sold it would report on its March. 2016. income statement using each of the following cost flow methods: First-in. first-out (FIFO) Last-in. first-out (LIFO) Assume Alpenrose uses periodic inventory system. Determine the inventory balance Alpenrose would report on its March 31.2016. balance sheet and the cost of goods sold it would report on its March. 2016. income statement using each of the following cost flow methods: First-in, first-out (FIFO) Last-in, first-out (LIFO) Average cost

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