Chapter 6 Using Excel for Inventory Cost Flow Assumptions. Johnson Company uses a perpetual inventory system. The January 2024 inventory information is as follows. Assume cash purchases and sales. Requirements 1. Prepare a perpetual inventory record using, FIFO (a), LIFO (b), and weighted-average (c) inventory costing methods, and determine cost of goods sold and ending merchandise inventory. Use cell references from Data Table for quantities and unit cost. Use Excel formulas for total costs and total quantities. Format weighted average unit cost and total cost to display two decimal places. 2. Journalize Johnson Company's inventory transactions under each of the three methods (a-c). 3. Post the six journal entries to the T-accounts for each of the three methods (a-c). Use the blue shaded areas for inputs. 4. Use Excel to prepare a partial income statement based on the ending balances in the t-accounts for each of the three methods (a-c). Complete the data table below and Prepare a perpetual inventory record using, FIFO, LIFO, and weighted-average inventory costing methods, and determine cost of goods sold and ending merchandise inventory for each method. Use cell references from Data Table for quantities and unit cost. Use Excel formulas for total costs and total quantities. Format weighted average unit cost and total cost to display two decimal places. Chapter 6 Using Excel for Inventory Cost Flow Assumptions. Johnson Company uses a perpetual inventory system. The January 2024 inventory information is as follows. Assume cash purchases and sales. Requirements 1. Prepare a perpetual inventory record using, FIFO (a), LIFO (b), and weighted-average (c) inventory costing methods, and determine cost of goods sold and ending merchandise inventory. Use cell references from Data Table for quantities and unit cost. Use Excel formulas for total costs and total quantities. Format weighted average unit cost and total cost to display two decimal places. 2. Journalize Johnson Company's inventory transactions under each of the three methods (a-c). 3. Post the six journal entries to the T-accounts for each of the three methods (a-c). Use the blue shaded areas for inputs. 4. Use Excel to prepare a partial income statement based on the ending balances in the t-accounts for each of the three methods (a-c). Complete the data table below and Prepare a perpetual inventory record using, FIFO, LIFO, and weighted-average inventory costing methods, and determine cost of goods sold and ending merchandise inventory for each method. Use cell references from Data Table for quantities and unit cost. Use Excel formulas for total costs and total quantities. Format weighted average unit cost and total cost to display two decimal places
