Ornamental Iron Works began January with 45 units of iron inventory that cost $24 each. During January, the company completed the following inventory transactions:

Requirements
1. Prepare a perpetual inventory record for the inventory using FIFO.
2. Prepare a perpetual inventory record for the inventory using LIFO.
3. Prepare a perpetual inventory record for the inventory using average cost.
4. Determine the company€™s cost of goods sold for January using FIFO, LIFO, and average cost.
5. Compute gross profit for January using FIFO, LIFO, and averagecost.

Transcribed Image Text:

Units Unit Cost Unit Sale Price $51 Jan 3 Sale 35 $32 70 8 Purchase. 21 Sale . 65 25 $73 30 Purchase. $47