Johnson Company uses a perpetual inventory system. The January 2018 inventory information is as follows. Assume cash purchases and sales.
Requirements
1. Prepare a perpetual inventory record using, FIFO,LIFO, and weighted-average inventory costing methods, and determine cost of goods sold and ending merchandise inventory. Use cell references from data table for quantities and unit cost. Use Excel formulas for total costs and total quantities. Format weighted average unit cost and total cost to display two decimal places.
PLEASE HELP.
2. Journalize Johnson Company's inventory transactions under each of the three methods.
Lan 2.750 50 51 SE UT 25 ES M S5 35 Jan 22 57 1 59 GO 62 90 29 Punhas UM Welch. Anar COUS Quantity Union Inventoon Hand Unicon Tool Cost Total com Total Cost Date an 1 70 71 72 74 75 9 UT 77 70 in 15 TR lan 22 2 3 3 3 3 SREERRRRRR2323 BRERARIS RISUSSSSS 28 94 97 99 100 101 102 103 104 106 107 100 109 110 111 113 Instructions inventory worksheet Journal Entries FIFO Journal Entries LIFO Journal Entries Wt Avg Inventory How Assumption Requirement Prepare a perpetual inventory recording FIFO UFO and weighted average entory con methods and determine cost of good and ending merchandise inventory Uncel references From Data Table for antities and unco De Excel formulas fortalesandttarties Format wested avere un cost and total cost to dilex two decinatolecies Dute Jan 1 lan Ian 6 Lan 15 Jan 22 DATA Description Inventory on hand Pusche Sale Purchase Unit 1.000 3.000 2.750 5.000 4.500 Per Unit 3 4 3 5 $ 30 $ 3 10 Purch Unico TO COGS Unit cost Quantity Date lan Total Cont Quy Total Cost Inventor on Hand Quantity Unit cost 1,000 $ 4.00 $ Tal cost 4,000.00 lan 3.000 55. 15.000 4 1,000 3,000 $4,000.00 $15,000.00 $5.00 Jan 6 1,000 1,250 $5.00 $ 6,250.00 4 $5.00 $ 4,000 8.250.00 2.750 Jan 151 5.000 61 $ 30,000 1,250 5,000 $ 5$ 6.00 $ 6,250.00 30,000.00 Jan 22 1,250 1,750 S 5 6.00 $ 6,250 19,500.00 6.001$ 10,500.00 clipboard functionet 2.250 LIFO Purches COGS Date Quantity Uit Total Cost Quarry Unit cost Total Cast Inventory on Hand Quantity Unit cost Total Cast 1,000 4 4,000 an 3.000 5 15,000 4 1,000 3,000 4,000 15,000 S Jan 2,750 Jan 15 Jan 22 A1 XV fx Date A B C D E F G H Post. Ref. Account/Explanation Debit Credit 2 AWN Date January 03 3 4 5 6 to record purchase of 3,000 units of inventory at $5 per unit. DN 00 06 to record sale of 2,750 units at $10 per unit. 9 10 11 12 13 to record FIFO cost of 2,750 units of inventory sold. 14 15 to record purchase of 5,000 units at $6. 15 16 17 18 19 20 21 22 23 22 to record sale of 4,500 units of inventory at $10 each. 22 24 to record FIFO cost of 4,500 units of inventory sold. 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 Instructions inventory worksheet Journal Entries FIFO Journal Entries LIFO Journal Entries Wt Avg + B D E F G H Post. Ref. Debit Credit Date Account/Explanation January 03 to record purchase of 3,000 units of inventory at $5 per unit. 06 to record sale of 2,750 units at $10 per unit. to record LIFO cost of 2,750 units of inventory sold. 15 to record purchase of 5,000 units at $6. 22 to record sale of 4,500 units of inventory at $10 each. 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 22 to record LIFO cost of 4,500 units of inventory sold. Instructions inventory worksheet Journal Entries FIFO Journal Entries LIFO Journal Entries Wt Avg + Ready B C D D E F G H Post. Ref. 1 Debit Credit Date Account/Explanation January 03 3 00 ou WN to record purchase of 3,000 units of inventory at $5 per unit. 06 to record sale of 2,750 units at $10 per unit. to record weighted-average cost of 2,750 units of inventory sold. 15 to record purchase of 5,000 units at $6. 22 to record sale of 4,500 units of inventory at $10 each. 22 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 to record weighted average cost of 4,500 units of inventory sold. Instructions inventory worksheet Journal Entries FIFO Journal Entries LIFO Journal Entries Wt Avg + Ready
