Lehigh Cycles uses a perpetual inventory system. Information related to cycles in begiining inventory, purchased and sold during January is shown...
Can someone please help me solve this? I'm having difficulty understanding how to figure out what goes where. Any help is greatly appreciated!
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Lehigh Cycles uses a perpetual inventory system. Information related to cycles in begiininginventory, purchased and sold during January is shown below:SellingCost per priceCycles unit per unitOn January 1, Lehigh Cycles started the year with: 15 145.92On January 9, we purchased: 30 156.89On January 12, we sold: 29On January 19, we purchased: 35 186.09On January 21, we sold: 32 Required:Using the inventory records supplied, prepare Lehigh Cycles perpetual inventory record usingthe following methods: 1. First in, First out (FIFO) 2. Last in, First out (LIFO) 2. Weighted average* Complete the forms to the right. Make sure you show your amounts for ending inventory in dollars, total sales, cost of goodssold and gross profit for each method
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