Terrace Inc Required:
Prepare the Journal Entries to Record the Purchases and 23

Terrace Inc.uses the periodic LIFO cost flow assumption.During the period 23 units were sold at a price of $30 per unit.Transportation costs on the purchases totaled $252.
$\begin{array}{lll}& \text { \# of units}& \text {Unit cost }\\\text { Beginning balance } & 10 & \$ 25 \\\text { Purchase 1 } & 15 & 22 \\\text { Purchase } 2 & 9 & 20 \\\text { Purchase 3 } & 12 & 25\end{array}$ Required:
Prepare the journal entries to record the purchases and any adjusting entries for the end of the period.

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