6 7 8 G H INVENTORY TRACKING Hats R' Us buys and sells turtles. Below is the information for the second month that they are in business. Beginning Hat Inventory: 10 hats at $13 each. Purchase on Day 15 of the Month: 10 hats for $16 each. Purchase on Day 25 of the Month: 20 hats for $20 each. 9 The end of month inventory count reveals that 12 hats still in inventory. NOTE: A detailed review showed us that 10 we sold 6 hats on the 10th day of the month. And then 22 hats on the 28th day of the month. 11 12 NOTE: All hats sell for $60 each. 13 14 15 PERIODIC INVENTORY METHOD LIFO FIFO 16 Sales 17 Cost of Goods Sold 18 Gross Profit 19 Ending Inventory 20 21 CK FIGURE (TOTAL COGS AND END INV 22 23 24 25 26 PERPETUAL INVENTORY METHOD W/AVG FIFO LIFO W/AVG SHOULD ALL BE THE SAME