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King Supply maintains its internal inventory records using perpetual FIFO, but for financial reporting purposes, reports ending inventory and cost of goods sold using periodic LIFO

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King Supply maintains its internal inventory records using perpetual FIFO, but for financial reporting purposes, reports ending inventory and cost of goods sold using periodic LIFO. At the beginning of the year, the company had a balance of 568,000 in its UFO reserve account. By the end of the year internal records reveal that FIFO ending inventory is $85,000 greater than LIFO ending Inventory Record the year-end adjusting entry for the LIFO reserve (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the year end adjusting entry for the LIFO reserve Note: Enter debits before credits Transaction General Journal Debit Credit
View transaction list Journal entry worksheet >