Homework: Chapter 6 Problems Score: 0 of 12 pts 1 of 1 (0 complete) P6-29A (similar to) Luxury Wron Company began Aupet with 50 units of iron inventory that cost 535 each. During August, the company completed the following inventory trar II (Click the icon to view the transaction) Read the requirements Requirement 1. Prepare a perpetual inventory record for the merchandise inventory using the FIFO inventory costing method Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction Once all of the transactio cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first) Purchases of Goods Sold Inventory on Hand Unit Total Total Date Quantity Cost Cost Quantity Cost Aug 1 Unit Enter a b er in the ede bilds and then chok Check Answer CA ing August, the company completed the following inventory transactions: the FIFO inventory costing method order, calculating new inventory on hand balances after each transaction. Once all of the tre er the oldest inventory layers first.) Inventory on Hand Data Table Unit Cost Unit Sales Price $ 85 Aug. 3 Sale 8 Purchase 21 Sale Units 45 90 85 15 $ 54 88 30 Purchase 58 Print Print Done Done Clear All TULUI ering August, the company completed the following inventory transactions: g the FIFO inventory costing method al order, calculating new inventory on hand balances after each transaction. Once all of the tran ater the oldest inventory layers first.) Inventory on Hand - X 0 Requirements 1. Prepare a perpetual inventory record for the merchandise inventory using the FIFO inventory costing method 2. Prepare a perpetual inventory record for the merchandise inventory using the LIFO inventory costing method. 3. Prepare a perpetual inventory record for the merchandise inventory using the weighted average inventory costing method 4. Determine the company's cost of goods sold for August using FIFO, LIFO. and weighted average inventory costing methods 5. Compute gross profit for August using FIFO, LIFO, and weighted-average inventory costing methods 6. If the business wanted to maximize gross profit, which method would it select? Print Done Clear All Lupiny Iron Company began August with 50 units of iron inventory that cost $35 each. During August, the company completed Click the icon to view the transactions.) Read the requirements Requirement 1. Prepare a perpetual inventory record for the merchandise inventory using the FIFO inventory costing method Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand bala cost of merchandise inventory purchased sold and on hand at the end of the period. (Enter the oldest inventory layers first.) Purchases Cost of Goods Sold Unit Total Unit Total Inventory on Hand Unit Total Quantity Cost Cost Date Quantity Cost Cost Quantity Cost Cost ber in the edities and that he 7
