Inputs Units purchased Purchase cost per unit [in cash] Units sold Q1 Q2 Q3 Q4 5.00 6.00 7.00 8.00 1.00 6.00 7.00 9.00 5.00 6.00 6.00 7.00 162.00 Total purchases Q1 Q2 Q3 Q4 FIFO: Quarterly (Perpetual] Income statement Expensed from Q1 purchases Expensed from Q2 purchases Expensed from 23 purchases Expensed from Q4 purchases = COGS Balance sheet Layer 1: Costs remaining to be expensed from Q1 Layer 2: Costs remaining to be expensed from Q2 Layer 3: Costs remaining to be expensed from Q3 Layer 4: Costs remaining to be expensed from 04 = Total inventory Sum 0.00 Do manual calculations for this row 0.00 Do manual calculations for this row 0.00 Do manual calculations for this row 0.00 Do manual calculations for this row 0.00 0.00 0.00 0.00 0.00 Q1 Q2 Q3 Q4 Do manual calculations for this row Do manual calculations for this row Do manual calculations for this row Do manual calculations for this row 0.00 -162.00 ||Check 0.00 0.00 0.00 0.00 0.00 FIFO: Annual [Periodic]: Computations done once at the end of the year Income statement Whole year Expensed from Year 1 purchases Do manual calculations for this row Balance sheet Layer 1: Costs remaining to be expensed from Y1 Do manual calculations for this row = Total inventory 0.00 0.00 -162.00 || Check FIFO: Annual (Periodic]: Computations done once at the end of the year Income statement Whole year Expensed from Year 1 purchases Do manual calculations for this row Balance sheet Layer 1: Costs remaining to be expensed from Y1 Do manual calculations for this row = Total inventory 0.00 0.00 -162.00 || Check Q1 Q2 Q3 Q4 Sum Do manual calculations for this row Do manual calculations for this row Do manual calculations for this row Do manual calculations for this row LIFO: Quarterly (Perpetual] Income statement Expensed from Q1 purchases Expensed from Q2 purchases Expensed from Q3 purchases Expensed from Q4 purchases |= COGS Balance sheet Layer 1: Costs remaining to be expensed from Q1 Layer 2: Costs remaining to be expensed from Q2 Layer 3: Costs remaining to be expensed from Q3 Layer 4: Costs remaining to be expensed from Q4 = Total inventory 0.00 0.00 0.00 0.00 0.00 Q1 Q2 Q3 Q4 0.00 Do manual calculations for this row Do manual calculations for this row Do manual calculations for this row Do manual calculations for this row 0.00 -162.00 ||Check 0.00 0.00 0.00 0.00 0.00 LIFO: Annual [Periodic): Computations done once at the end of the year Income statement Whole year Expensed from Year 1 purchases Do manual calculations for this row Balance sheet Layer 1: Costs remaining to be expensed from Y1 Do manual calculations for this row = Total inventory 0.00 0.00 -162.00 | Check FIFO-Quarterly Quarter 1 Quarter 2 Quarter 3 Quarter 4 COGS Inventories FIFO- Annual Whole year COGS Inventories LIFO-Quarterly Quarter 1 Quarter 2 Quarter 3 Quarter 4 COGS Inventories LIFO: Annual Whole year COGS Inventories