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I need help with the first picture i posted (perpetual inventory record). Requirement 3. Prepare a perpetual inventory record for the merchandise inventory using the
I need help with the first picture i posted (perpetual inventory record).
Requirement 3. Prepare a perpetual inventory record for the merchandise inventory using the weighted-average 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 calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. Data table 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 selectStep by Step Solution
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