August 1st is 75. units by $20

		Units	Unit Cost	Unit Sales Price
Aug. 3	Sale	65		$59
Aug. 8	Purchase	70	$28
Aug. 21	Sale	60		75
Aug. 30	Purchase	25	45

Prepare a perpetual inventory record for the merchandise inventory using the FIFO inventory costing method.

Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.)

	Purchases			Cost of Goods Sold			Inventory on Hand
		Unit	Total		Unit	Total		Unit	Total
Date	Quantity	Cost	Cost	Quantity	Cost	Cost	Quantity	Cost	Cost
Aug. 1							75	20	1500
3				65	59	3835	65	59
8	70	28	1960				75	20	1500
21				75	20
				60	75
30
Totals

Requirement 2. Prepare a perpetual inventory record for the merchandise inventory using the LIFO inventory costing method.

Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.)

	Purchases			Cost of Goods Sold			Inventory on Hand
		Unit	Total		Units	Total		Unit	Total
Date	Quantity	Cost	Cost	Quantity	Cost	Cost	Quantity	Cost	Cost
Aug. 1
3
8
21
30
Totals

Requirement 3. Prepare a perpetual inventory record for the merchandise inventory using the weighted-average inventory costing method.

Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period.

	Purchases			Cost of Goods Sold			Inventory on Hand
		Unit	Total		Unit	Total		Unit	Total
Date	Quantity	Cost	Cost	Quantity	Cost	Cost	Quantity	Cost	Cost
Aug. 1
3
8
21
30
Totals