HW Score: 0.0 Homework: Chapter 6 Homework Scoret 0 of 4 pts 4 of 5 com P6-29A (similar to) Iron Usbergen August w sounds of ron inventory that cost $35 each. During August, the company completed the following inventory transaction Click the icon to the transaction Read the IB Question Hel Requirement 1. Prepare a pepo inventory record for the merchandisinventory using the FIFO intory costing method Start by entering the beginning vertory Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. One of the actions have been entered into the perpen calculate the quantity and total cost of merchandise inventory purchased, old, and on hand at the end of the period (Enter the oldest inventory Layers first) Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Date Quantity Cost Quantity Cost Cost Quantity Cost Cost Aug 1 3 Com 21 30 Enter any number in the edt fields and then Check Answer 7 pa romaining Clear All Check Answer SOVUA LU Question to P6-29A (similar to) Ruben Augs with 50 units of contentory cost $35 each. During August, the company completed the flowing inventory ansactions THC the conto vw the transaction Read the Requirement 1. Prepare a perpetuo inventory record for the merchandise inventory using the FIFO inventory cosing method Start by entering the beginning to anos Enter the sacions in chronological order, calculating new inventory on hand balance after each transaction. Once all of the transactions have banned to a perpetual recor calcuwin the city and total cost of merchandise inventory purchased, old, and on hand at the end of the period. (nor the oldest inventory layer first) Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Un Total Date Quantity Cost Cost Quantity Cost Cost Quality Cost Aup Cone 1 21 30 Enter any uber in the sets and Track Check Answer 7 parts ndise invent Fions in chro i Data Table sed, sold, ar n. Once all of ds Sold Tota Units Unit Cost Unit Sales Price t Cos Sale 45 $ 85 Purchase 90 $ 54 Aug. 3 Aug. 8 Aug. 21 Aug. 30 Sale 85 88 Purchase 15 58 Print Done er. Clear All Requirements the merchandise the transactions tory purchased, s e all of the tra Cost of Goods Sd Unit city Cost 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 neck Answer. Clear All NOV 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 calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers fi Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Aug. 1 3 8 21 30 Enter any number in the edit fields and then click Check Answer. Homework: Chapter 6 Homework Score: 0 of 4 pts 4 of 5 (0 complete) P6-29A (similar to) Iron R Us began August with 50 units of iron inventory that cost $35 each. During August, the company completed the following inventory transa (Click the icon to view the transactions.) Read the requirements Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balances afte calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory la Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Quantity Quantity Quantity Cost Aug. 1 Date Cost Cost Cost Cost Cost 3 8 21 30 Totals Enter any number in the edit fields and then click Check
