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The Following Data Are Available for Lion's Share Company

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The following data are available for Lion's Share Company:
The following data are available for Lion's Share Company: The company has experienced a temporary LIFO liquidation by not maintaining the base year inventory of 20,000 units.The company uses a perpetual inventory system. Prepare the entries to account for the temporary liquidation and the replacement of the liquidated units assuming that 8,000 units will be replaced at $1.60 per unit The company has experienced a temporary LIFO liquidation by not maintaining the base year inventory of 20,000 units.The company uses a perpetual inventory system.
Prepare the entries to account for the temporary liquidation and the replacement of the liquidated units assuming that 8,000 units will be replaced at $1.60 per unit

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