Buy & Large, Inc.'s inventory activity in October was:

Inventory, October 1 11 units @ $8 each
Purchase, October 12 22 units @ $11 each
Sale, October 25 25 units @ $25 each
Show the correct effect on the accounting equation of the October 25th sale on account using the perpetual LIFO method of accounting for inventory.

Assets Liabilities Shareholders' equity

Assets Liabilities Shareholders' equity
625 Accounts receivable
(266) Inventory No effect 625 Sales
(266) Cost of goods sold

Business

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