Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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 Sale #2 56 $105 01/30 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 B 1234 D E F G H FIFO K Purchases COGS Transaction # of Units $/Unit Total # of Units $/Unit Total # of Units Inventory $/Unit Total 4 Beg. Inv. 5 52 $58.00 $3,016 6 7 Purchase #1 8 9 10 Sale #1 11 12 13 Purchase #2 14 15 16 Sale #2 17 18 19 Purchase #3 50 $60.00 $3,000 57 $62.00 $3,534 20 COGS 21 22 LIFO 23 24 Transaction # of Units Purchases $/Unit Total # of Units COGS $/Unit Total # of Units 25 Beg. Inv. 26 27 28 Purchase #1 29 30 31 Sale #1 32 33 34 Purchase #2 35 36 37 Sale #2 38 End. Inv. Inventory $/Unit Total 38 39 40 Purchase #3 41 COGS End. Inv. 42 43 Moving Average 44 Purchases 45 Transaction # of Units $/Unit Total # of Units COGS $/Unit Total # of Units Inventory $/Unit Total 46 Beg. Inv. 47 Purchase #1 48 Sale #1 49 Purchase #2 50 Sale #2 51 Purchase #3 52 53 54 COGS End. Inv

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions