PERPETUAL FIFO, LIFO, AND WEIGHTED AVERAGE METHODS. Edwards Company began operations in February 19x7. Edwards' accounting records provide the following data for the remainder of 19x7 for one of the items that the firm sells:

REQUIRED:
1. Using the perpetual FIFO procedure, compute cost of goods sold and the cost of ending inventory. ,;
2. Using the perpetual LIFO procedure, compute cost of goods sold and the cost of ending inventory.
3. Using the perpetual weighted average procedure, compute cost of goods sold and the cost of ending inventory.
4, Which perpetual costing method would you adopt to minimize the cash outflow for taxes?

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COST TOTAL ACTIVITY Purchase 1, 2/15 UNITS PER UNIT COST 6 $100 $600 Sale (2) Sale (3) Purchase 2, 6/18 Sale 4 120 480 (3) Inventory, 12/31/x7 2