Johnson Company uses a perpetual inventory system. The January 2024 inventory information is as follows. Assume cash purchases and sales.

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.

Date Jan 1 Jan 3 Jan 6 Jan 15 Jan 22 DATA Description Inventory on hand Purchase Sale Purchase Sale Units Per Unit 2,000 $ 8 6,000 $ 10 5,500 $ 20 10,000 $ 12 9,000 $ 20 Post. Ref. Debit Credit Date Account/Explanation January LIFO 03 to record purchase of 6,000 units of inventory at $10 per unit. 06 to record sale of 5,500 units at $20 per unit. 06 to record LIFO cost of 5,500 units of inventory sold. 15 to record purchase of 10,000 units at $12. 22 to record sale of 9,000 units of inventory at $20 each. 22 to record LIFO cost of 9,000 units of inventory sold