Iron Man began August with 55 units of iron inventory that cost $35 each. During August, the company completed the following inventory transactions:
i - X Data Table Units Unit Cost Unit Sales Price $ 83 45 75 $ 52 Aug. 3 Sale Aug. 8 Purchase Aug. 21 Sale Aug. 30 Purchase 70 85 10 55 Print Done Requirement 1. Prepare a perpetual Inventory record for the merchandise Inventory using the firo Inventory costing method Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balance after cach transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand site end of the period. (Enter the oldest inventory layers first) Purchases Cost of Goods Sold Inventory on Iland Unit Total Unit Total Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Aug. 1 all 21 30/ Totals Requirement 2. Prepare a perpetual inventory record for the merchandise inventory using the LIFO inventory costing method Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balance after each transaction. Once all of the transactions have been entered into the perpetual record, 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 first) Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Llate Quantity Cost Cost Quantity Cost Cost Cuantity Cost Cost Aug. 1 II Units Total Total 2 el II 21 1 301 Totul Requirement 3. Prepare a perpetual inventory record for the merchandise inventory using the weighted average inventory cooling method Start by entering the beginning inventory balancAR Enter the transactions in Chennaiogical andar calculating new imientory on hand halances Alter each transaction Once all of the transactions have been entered into the perpetual record calculate the quantity and total cost of merchandise inventory purchased sold and on hand at the end of the partod [ Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Date Quantity Cou Quantity Cost Quantity Cout Cost Aug. 1 3 21 21 301 Totals Requirement 4. Determine the company's cost of goods sold for Auguel using FIFO, LIFO and weighted average inventory costing methode The cost at goods sold amount for August using FIFO Inventary costing The cost of goods sold amount for August using LIFO inventory costing The cost of goods sold amount for August using weighted average inventory costing is Requirement 5. Compule gruss profil for August using FIFO, LIFO, und weighted average inventory boating methods Sales Revenue - Cost of Goods Sol = Gruss profil FIFO LIFO Weighted average Requirement 6. If the business wanted to maximize gross profit which method would telect? If the business wanted to maximize gross profit it would select the method Enter any number in the edit fields and then continue to the next
