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Monomaniacs Inc. makes use of a perpetual inventory system for the goods it sells. During January 2021, the following transactions took place: Type of Transaction
Monomaniacs Inc. makes use of a perpetual inventory system for the goods it sells. During January 2021, the following transactions took place: Type of Transaction Beginning Inventory Purchase Number of Units 63 Amount Per Unit $50.00 52 Date January 2 January 5 January 9 January 18 January 24 January 30 Sale 55 50 Purchase Sale Purchase $51.00 $96.00 $52.00 $96.00 $53.00 56 48 Required: Use the information above to produce a 9-column perpetual inventory schedule of merchandise activity in January, 2021. When complete, circle or highlight the ending inventory, as well as the cost of goods sold for each of the two tables you will complete, based on the following perpetual methods: a) LIFO b) Moving Average Question 3 Not yet answered Marked out of 12.00 P Flag question Go back to Problem 2, and for the LIFO table you created (in part (a)), produce all general journal entries for January 18 and January 24. (assume all activity is on account - three entries in all)
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