Fancy Iron Industries began October with 54 units of iron inventory that cost \($39\) each. During October, 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 October using FIFO, LIFO, and average cost.
5. Compute gross profit for October using FIFO, LIFO, and average cost.

Transcribed Image Text:

Units Unit Cost Unit Sale Price Oct 3 Sale 8 Purchase...... 44 $70 84 $44 21 Sale _ 74 $74 30 Purchase............... 14 $48