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P8-29A is solved in the Excel attachment. Use the information from the Excel file to solve the problem below.

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P8-30A. Refer to the Ski Shop situation in P8-29A. Keep all the data unchanged, but assume that Ski Shop actually uses the average cost method. Requirements 1. Prepare a perpetual inventory record at average cost. Round average unit cost to the nearest cent and all other amounts to the nearest dollar. 2. Prepare a multistep income statement for Ski Shop for the month of February.P8-29A Perpetual Inventory Record VESTS Purchases Date Quantity Unit Cost Total Cost Begin. February Purch. Sale 60 $ 35 $ 2,100 Purch. 80 $ 40 $ 3,200 Sale End. 140 $ 5,300 Journal Date (February) Pur. 1 Sale 1 Pur. 2 Sale 2 Payment on Account Operating Expenses Accounts and Expla Purchase (Ski Vests) A/c To Ski Shop Creditors (Purchase made of 60 v Ski Shop Debtors A/c To Sales (Ski Vests) Cash A/c To Ski Shop Debtors A/c (100 vests sold @ 60 and amount c Purchase (Ski Vests) A/c To Ski Shop Creditors (Purchase made of 80 v Ski Shop Debtors A/c To Sales (Ski Vests) Cash A/c To Ski Shop Debtors A/c (70 vests sold @ 70 and amount co Ski Shop Creditors A/c To Cash (Payment made to creditor Operating Expense A/c To Cash To Accounts Payable (Operating expenses provided and petual Inventory Record - FIFO VESTS Cost of Goods Sold Quantity 50 $ 50 $ Unit Cost Total Cost 30 $ 1,500 35 $ 1,750 Inventory on Hand Quantity Unit Cost Total Cost 50 $ 30 $ 1,500 50 $ 60 $ 30 $ 1,500 35 $ 2,100 10 $ 35 $ 350 10 $ 60 $ 170 35 $ 350 40 $ 2,400 $ 6,000 10 $ 80 $ 35 $ 350 40 $ 3,200 20 $ 40 $ 280 80 $ 9,080 Journal Accounts and Explanations ) A/c hop Creditors (Purchase made of 60 vests @ 35) /c s (Ski Vests) hop Debtors A/c sold @ 60 and amount collected from debtors) ) A/c hop Creditors (Purchase made of 80 vests @ 40) /c s (Ski Vests) hop Debtors A/c old @ 70 and amount collected from debtors) A/c yment made to creditors on account) A/c unts Payable expenses provided and two-third paid in cash) Debit Credit 2,100 2,100 6,000 6,000 6,000 6,000 3,200 3,200 4,900 4,900 4,900 4,900 5,100 5,100 2,400 1,600 800