Express Lane, a regional convenience store chain, maintains milk inventory by the gallon. The first month's milk purchases and sales at its Schnectady, NY location follow:

Determine the amount that would be reported in the endinf merchandise inventory on July 15 using the FIFO inventory costing method.

REQUIREMENT 2. Determine the amount that woukd be reported in ending mechandise inventory on July 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 tranactions 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.

REQUIREMENTS

Schenectady. New York, location follow (Click the icon to view the purchases and sales.) Read the requirements Requirement 1. Determine the amount that would be reported in ending merchandise inventory on July 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, calcula purchased, sold, and on hand at the end of the period (Enter all amounts to the nearest cent, SX.XX. 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 More Info Jul 2 6 8 Jul 2 Purchased 10 gallons @ 5160 each 6 Purchased 2 gallons @ 5190 each 8 Sold 4 gallons of milk to a customer 13 Purchased 2 gallons @ 52.35 each 14 Sold 4 gallions of milk to a customer 13 Print Done 14 Totals Requirement 2. Determine the amount that would be reported in ending merchandise inventory on July 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, calcu purchased, sold, and on hand at the end of the period. (Enter all amounts to the nearest cent. $XXX Enter the oldest inventory layers first.) Purchases Cost of Goods Sold Inventory on Hand Enter any number in the edit fields and then continue to the next question Requirement 2. Determine the amount that would be reported in ending merchandise inventory on July 15 using the LIFO inventory costing method Enter the transactions in chronological order, calcating w inventory on hand balances after each transaction Once all of the ansactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, old, and on hand at the end of the period inter all amounts to the nearest cont XXX Enter the oldest inventory Layers Best) Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total More info Date Quarry Cost Cost Cost Cost Cost Cost M 5 Jul 2 Purchased 10 gallons 5160 each 6 Purchased 2 gallon 51.50 each & Sons of to a customer 13 Purchased 2 galions @ 5235 each 14 Sold 4 gallons of milk to a customer 13 Print 14 Done Unit eta bereported in anting merchandise inventory on My 1 using the weighted average Inventory costing method Enter the bansactions incroclogical order, calculating new inventory on hand balances were chansaction Once all of the ansactions have been entered to the perpetual record, calculate the quantity and total cost of merchandise inventory purchased and on hand at the end of the period in all amounts to the nearest consXXX) Purchases Cost of Goods Sold Inventory on Hand Un Total More info Total Unit Total Date Quantity Cost Cost Cost Cost Cose Cost Jul 2 Jul 2Purchased 10 gallons 5160 each 6 Purchased 2 gallons @ 5190 each 8 Sold 4 gallons of milk to a customer 13 13 Purchased 2 gallons 52 35 each 14 Sold 4 gallons of milk to a customer 14 Totals Print Done Enter any number in the edt fields and Requirements - X 1. Determine the amount that would be reported in ending merchandise inventory on July 15 using the FIFO inventory costing method. 2. Determine the amount that would be reported in ending merchandise inventory on July 15 using the LIFO inventory costing method. 3. Determine the amount that would be reported in ending merchandise inventory on July 15 using the weighted average inventory costing method. (Round all amounts to the nearest cent, SX.XX.) sing the weighte on. Once all of Print Done Jost of merchandise Hand - More Info Total Cost Jul. 2 Purchased 10 gallons @ $1.60 each 6 Purchased 2 gallons @ $1.90 each 8 Sold 4 gallons of milk to a customer 13 Purchased 2 gallons @ $2.35 each 14 Sold 4 gallons of milk to a customer