Line Mexico Leather, a Gistributor of leather products, uses the FIFO method for valuing inventories. It began May with 50 units of an inventory item that cost 5154 each During May, the store completed these inventory transactions Click the icon to view the transactions) Required 1. Prepare a perpetual Inventory record for this item 2. Determine the store's cost of goods sold for May 3. Compute gross margin for May Requirement 1. Prepare a perpetual Inventory record using the FIFO method (Enter the oldest inventory layer) Leather Product Purchases Cost of Goods Som Inventory on Hand Date OTY Uw Cost Tot Cout OTY Unt Cost Tot Cost OTY Un Cow To Cost May 1 May May Line Mexico Leather, a distributor at leather products uses the FIFO method for valung inventories. It began May with 50 units of an inventory Hom that cost $164 each During May, the store completed these inventory transactions Click the icon to view the transactions. Required 1. Prepare a perpetual inventory record for this tom 2. Determine the store's cost of goods sold for May 3. Computo gross margin for May May 3 May May 21 May 20 Ending Requirement 2. Determine the store's cost of coods sold for May Life Mexico Leather a distributor of leather products, uses the FIFO method for valuing inventories began May with 50 units of an inventory item that cost 5164 each. During May. the store completed these inventory transactions (Click the icon to view the transactions) Required 1. Prepare a perpetual inventory record for this item 2. Determine the store's cost of goods sold for May 3. Compute gross margin for May May 30 Ending Requirement 2.Determine the store's cost of goods sold for May The cost of good sold is Requirement 3. Compute gross margin for May Sales Cost of goods sold - Gross margin - X More info May 3 Sale 8 Purchase 21 Sale... 30 Purchase Units 44 84 80 13 Unit Cost Unit Sale Price $298 $182 $308 $190 Print Done Lite Mexico Leather a distributor of leather products, uses the FIFO method for vaking inventories. I began tay with 50 units of an imantory item that cost 5164 each During May, the store completed these inventory transactions (Click the icon to view the transactions.) Required 1. Prepare a perpetual Inventory record for this item 2. Determine the store's cost of goods sold for May 3. Compute gross margin for May Requirement 1. Prepare a perpetual vettory recording the FIFO method (Enter the oldest inventory lwy firme) Leather Product Purchases Cost of Goods Soul Inventory and Date OTY Unit Cost Yol Cost OTY Une Con Fot. Cost OTY Un Cow To Cost May May Mayo May 3 May 8 May 21 May 30 Ending May 30 Ending Requirement 2. Determine the store's cost of goods sold for May The cost of goods sold is Requirement 3. Compute gross margin for May Sales Cost of goods sold Gross margin - More info May 3 Sale 8 Purchase 21 Sale. 30 Purchase Units 44 84 80 13 Unit Cost Unit Sale Price $298 $182 $308 $190