=================================================== ACC 537 Week 2 E8 21 LIFO Effect
1 . January cash receipts recorded in the December cash book totaled $ 45,640 , of which $ 28,000 represents cash sales , and $ 17,640 represents collections on account for which cash discounts of $ 360 were given .
2 . January cash disbursements recorded in the December check register liquidated accounts payable of $ 22,450 on which discounts of $ 250 were taken .
3 . The ledger has not been closed for 2014 .
4 . The amount shown as inventory was determined by physical count on December 31 , 2014 . The company uses the periodic method of inventory .
=================================================== ACC 537 Week 2 E8 21 LIFO Effect
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