Data Table Units Unit Cost Unit Sales Price Aug. 3 Sale 65 59 8 Purchase 70 21 Sale 30 Purchase 28 60 75 25 45 Print Done transa to s Stonl 'n began Agust wit, TS uris deon rientry Pat oost$20 each. DnngAupat, the company completed the folowing ment o to view the tranadioa) Read the reouments Requirement . Prepane a perpetual enventory record for the merchandise inventory using the FiFO nventory conting method caioste he ouanit Once all of the transactions have been entered into the perpetual recond total cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oidest inventory layers frst Tela CostCost next question el it began August with 75 units of iron inventory that cost $20 each. During August, the company completed the following i Click the icon to view the transactions.) ead the requirements. Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity CostCost Aug. 1 21 30 Totals Requirement 2. Prepare a perpetual inventory Enter any number in the edit fields and then continue to the next question. record for the merchandise inventory using the LIFO inventory costing method. 30 2 Steel it began August with 75 units of iron inventory Prat coel $20 each Duing August, te company completed the following inventory transactions: the lcon to view the ransactions Requirement 2. Preparo a perpeut mer record fr merchandse menory usng the Liro inventory cossng method Sa by etering the begining inventory baiances Eter the transactions in chronologicaldercluting new inventory on hand balances ater each tranajction. Once al of the transactions have been entered into the perpetual record caloulate the quanitity and toal cost of menchandise Inventory purchased, sold, and on hand at the end of the period. (Enter the eldest inventony layers irst) Inventory on Hand Unit Total Units Total Unit Total Enter any rnumber in the edit fields and then continue to the next question Steel t began August with 75 units of iron inventory that cost $20 each. During August, the company completed the follow Click the icon to view the transactions.) Read the reguirements caloulate the quantity and otal cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Enter Cost of Goods Sold Inventory on Hand Units Total Unit Total Cost Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Aug. 1 21 30 Totals Enter any number in the edit fields and then continue to the next question. 30 MacBook Ai 2 6 Steel It began August with75 units of ro the tolowing inventery thanactions the icon to view the tnsactions Requirement 3.Prepare a perpetual inventory neoond for the merchandoe nventory using the weighed-avarage inventory oosng mehes Start by entering the beginning inventory balances Enter the trensactons in caloulate the quanility and toal cost of merchandse Inventory purchased, old, and on hand at the end of the paried Cost of Geseds Sold entory on Hand Unt Total Unit Total el it began August with 75 units of iron inventory that cost $20 each. During August, the company completed the following inventory Click the icon to view the transactions.) ad the requirements otals Requirement 4. Determine the company's cost of goods sold for August using FIFO, LIFO, and weighted-average inventory costing metho The cost of goods sold amount for August using FIFO inventory costing is s The cost of goods sold amount for August using LIFO inventory costing is $ The cost of goods sold amount for August using weighted-average inventory costing isS Requirement 5. Compute gross profit for August using FIFO, LIFO, and weighted-average inventory costing methods. Sales Revenue- Cost of Goods SoldGross profit FIFO LIFO Requirement 6. if the business wanted to maximize gross profit, which method would it select? f the business wanted to maximize gross profit, it would select the Enter any number in the edit fields and then continue to the next question. method
