7-2B - FIFO, LIFO and Weighted Average Inventory Records and Entries Northhills Super Save uses a perpetual inventory system and reports the following transactions for the month of December for one of its products: Date Explanation December 1 Beginning inventory December 6 Purchase December 11 Sale December 24 Purchase December 26 Purchase December 31 Sale Units 6 4 7 12 5 10 Cost/Price $40.00 42.00 100.00 43.40 44.00 100.00 Required: a.) Prepare inventory records using: i. The FIFO method ii. The LIFO method iii. The weighted average method b.) Under each of the methods you prepared in part a.) above, compute Sales, Cost of Goods Sold and Gross Profit. c.) Prepare journal entries for December 26 and December 31 under all methods. NOTE: Download the template from http://accountingworkbook.com 54