Menogon Company uses a perpetual inventory system. The January 2024 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. (15 points)

2- Journalize Menogon Companys inventory transactions under each of the three methods.

Date 1/1/16 3/1/16 6/1/16 15/1/16 22/1/16 DATA Description Inventory on hand Purchase Sale Purchase Sale Units 1.000 3.000 2.750 5.000 4.500 Per Unit 4 5 10 6 10