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Requirement 1. Prepare a perpetual inventory record for the merchandise inventory using the FIFO inventory costing method. Start by entering the...
Requirement 1.
Purchases
Cost of Goods Sold
Inventory on Hand
Unit
Total
Unit
Total
Unit
Total
Date
Quantity
Cost
Cost
Quantity
Cost
Cost
Quantity
Cost
Cost
Aug. 1
3
8
21
30
Totals
Requirement 2.
Purchases
Cost of Goods Sold
Inventory on Hand
Unit
Total
Units
Total
Unit
Total
Date
Quantity
Cost
Cost
Quantity
Cost
Cost
Quantity
Cost
Cost
Aug. 1
3
8
21
30
Totals
Requirement 3.
Purchases
Cost of Goods Sold
Inventory on Hand
Unit
Total
Unit
Total
Unit
Total
Date
Quantity
Cost
Cost
Quantity
Cost
Cost
Quantity
Cost
Cost
Aug. 1
3
8
21
30
Totals
Requirement 4.
August
The cost of goods sold amount for August using FIFO inventory costing is $
.
The cost of goods sold amount for August using LIFO inventory costing is $
.
The cost of goods sold amount for August using weighted-average inventory costing is $
.
Requirement 5.
August
Sales Revenue
-
Cost of Goods Sold
=
Gross profit
FIFO
-
=
LIFO
-
=
Weighted-average
-
=
Requirement 6.
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