Fulbright Corp. uses the periodic inventory system. During i…

Fulbright Corp. uses the periodic inventory system. During its first year of operations, Fulbright made the following purchases (listed in chronological order of acquisition): 40 units at $100 70 units at $80 170 units at $60 Sales for the year totaled 270 units, leaving 10 units on hand at the end of the year. Ending inventory using the LIFO method is:

During 2020, Larue Co., a manufacturer of chocolate candies,…

During 2020, Larue Co., a manufacturer of chocolate candies, contracted to purchase 250,000 pounds of cocoa beans at $4.00 per pound, delivery to be made in the spring of 2021. Because a record harvest is predicted for 2021, the price per pound for cocoa beans had fallen to $3.30 by December 31, 2020. Of the following journal entries, the one which would properly reflect in 2020 the effect of the commitment of Larue Co. to purchase the 250,000 pounds of cocoa is