PERPETUAL FIFO, LIFO, AND WEIGHTED AVERAGE METHODS. Anderson’s Department Store has the following data for inventory, purchases, and sales of merchandise for December:

REQUIRED:
Prepare the journal entries to record these transactions for the FIFO, LIFO, and weighted average costing methods using perpetual accounting procedures.

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ACTIVITY UNITS PURCHASED COST PER UNIT TOTAL UNITS TOTAL COST SOLD SALES Purchase, 12/1 Purchase, 12/5 16 20 $6.00 7.00 $ 96 140 Sale, 12/7 13 $117 Sale, 12/10 7 63 Sale, 12/12 6 54 Purchase, 12/14 8 5.50 44 Sale, 12/16 18 164 Inventory at December 1 was 5 units at a cost of $6.00 each.