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2) Monomaniacs Inc. makes use of a perpetual inventory system for the goods it sells. During January 2021, the following transactions took place: Date Transaction
2) Monomaniacs Inc. makes use of a perpetual inventory system for the goods it sells. During January 2021, the following transactions took place: Date Transaction # of Units $/Unit 01/02 Beginning Inventory 60 $55 01/05 Purchase #1 52 $58 01/09 Sale #1 55 $105 01/18 Purchase #2 50 $60 01/24 01/30 Sale #2 56 $105 Purchase #3 57 $62 Using the information above and the tables provided in the downloaded template, prepare a perpetual inventory schedule to calculate ending inventory ($) and cost of goods sold based on the following perpetual methods: a) FIFO b) LIFO c) Moving Average 01/02 Date FIFO Purchases Transaction Beg. Inv. # of Units $/Unit Total # of Units COGS $/Unit Total # of Units 01/05 Purchase #1 01/09 Sale #1 01/18 Purchase #2 01/24 Sale #2 01/30 Purchase #3 LIFO COGS Purchases COGS Date Transaction # of Units $/Unit Total # of Units $/Unit Total # of Units 01/02 Beg. Inv. 01/05 Purchase #1 01/09 Sale #1 01/18 Purchase #2 01/24 Sale #2 38 39 40 01/30 Purchase #3 41 42 43 Moving Average COGS 44 Purchases 45 Date Transaction # of Units $/Unit Total # of Units COGS $/Unit Total # of Units 46 01/02 Beg. Inv. 47 01/05 Purchase #1 48 01/09 Sale #1 49 01/18 Purchase #2 50 01/24 Sale #2 51 01/30 Purchase #3 52 COGS
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