The Following Information for Urbanski Corporation Relates to the Three

question 19

Essay

The following information for Urbanski Corporation relates to the three months ending June 30, 2013:
Urbanski uses the LIFO method to account for inventory, and expects at least 15,000 units to be on hand in the ending inventory at year-end. Purchases made in the last six months are expected to cost an average of $18 per unit.
Prepare the journal entries to reflect the sales and cost of goods sold, assuming Urbanski expects to maintain 11,000 units in inventory at year-end.

---

Definitions:

Differentially Permeable Membrane

A membrane that selectively allows certain substances to pass through it while keeping others out.

Concentration Difference

The variation in the amount of a substance in two areas, which can lead to diffusion, where substances move from an area of high concentration to one of lower concentration.

Selectively Permeable

Property of the plasma membrane that allows some substances to pass, but prohibits the movement of others.

Osmosis

The movement of water across a semipermeable membrane from an area of lower solute concentration to an area of higher solute concentration.