$$C$-$Store, a regional convenience store$$ chain, maintains milk inventory by the gallon. The first$$ month's milk purchases and sales at its Old Saybrook comma Connecticut$,$ location$$ follow: Zippy C$-$Store, a regional convenience store chain, maintains milk inventory by the gallon. The first month's milk purchases and sales at its Old Saybrook, Connecticut, location follow:

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Requirement $1.$ Determine the amount that would be reported in ending merchandise inventory on November $15$ using the FIFO inventory costing method.

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 all amounts to the nearest cent, $$x.xx.$ Enter the oldest inventory layers first.$)$ Requirement $2.$ Determine the amount that would be reported in ending merchandise inventory on November $15$ using the LIFO inventory costing method.

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 all amounts to the nearest cent,

$$.x.$ Enter the oldest inventory layers first.$)$ erpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. $($Enter all amounts to the nearest cent,

X$.$XX$.$ Enter the oldest inventory layers first.$)$ Requirement $3.$ Determine the amount that would be reported in ending merchandise inventory on November $15$ using the weighted$-$average inventory costing method.

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 all amounts to the nearest cent,

$$.xx.)$Purchases and sales

Requirements

Nov. $2$ Purchased $10$ gallons @ $$1\mathrm{.}60$ each

Nov. $6$ Purchased $2$ gallons @ $$1\mathrm{.}90$ each

Nov. $8$ Sold $4$ gallons of milk to a customer

Nov. $13$ Purchased $2$ gallons @ $$2\mathrm{.}35$ each

Nov. $14$ Sold $4$ gallons of milk to a customer

Determine the amount that would be reported in ending merchandise inventory

on November $15$ using the FIFO inventory costing method.

Determine the amount that would be reported in ending merchandise inventory

on November $15$ using the LIFO inventory costing method.

Determine the amount that would be reported in ending merchandise inventory

on November $15$ using the weighted$-$average inventory costing method.

$($Round all amounts to the nearest cent, $$.xx.)$

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