15 OU SURUMULUI. UNCULUL UN W o wy 8. JAR uses a FIFO perpetual inventory system. However, additional inventory of bags of dog food was discovered in a deliv van after the final inventory counts and adjustements. Using information on TAB 4; calculate the value of the dog food inventory using PERPETUAL FIFO, LIFO and Avg Cost. Put your work at answers where indicated on the Tab 4. Prior to the discovery of the dog food in the van, only one bag (cost of $4.45) of this brand of dog food was reported in ending inventory. Based on calculation of the amount and cost of the dog food using PERPETUAL FIFO, prepare the adjusting entry to add the cost of the 14 additional bags of inventory discoved to Inventory and subtract from COGS @JAR owns a for ditt for movina fralaht that was purchased in 2016 for $9,300. The forklift is being depreciated using straight line Sales and Purchase Schedule of Happy Pet Dog Food 20 lb bags in 2020 Cost of Goods Sold Ending Inventory Gross Profit 3 Units Total Sale Units Sold Sales Price Unit Cost Total Cost 105 4.00 $ 40.00 ANSWERS FIFO 8.00 8.20 $ $ 16.00 49,20 LIO Ave Cost *These anwwers should be in dollars 4.50 45.00 8.20 S 57.40 Date Description 1/1/20 Beginventory 1/31/20 Sale 2/29/20 Cale 3/31/20 Purchase 4/30/20 Sale 6/30/20 Purchase 8/31/20 Sale 9/3/20 Purchase 10/15/20 Sale 11/30/20 Purchase 12/31/20 Sale TOTALS 45.50 8.25 $ 0.75 24.00 44.50 8.25 $ 123.75 $ 219.00 17 Ml work can be done in any available space on this worksheet