Johnson Company uses a perpetual inventory system. The January 2018 inventory information is as follows. Assume cash
Question:
Johnson Company uses a perpetual inventory system. The January 2018 inventory information is as follows. Assume cash purchases and sales.
Requirements
1. Prepare a perpetual inventory record using FIFO, LIFO, and weighted-average inventory costing methods, and determine cost of goods sold and ending merchandise inventory. Use cell references from Data table for quantities and unit cost. Use Excel formulas for total costs and total quantities. Format weighted-average unit costs and total costs to display two decimal places.
2. Journalize Johnson Company’s inventory transactions under each of the three methods.
Step by Step Answer:
Horngrens Financial And Managerial Accounting The Financial Chapters
ISBN: 9780134486840
6th Edition
Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura