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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: Date Type of

Monomaniacs Inc. makes use of a perpetual inventory system for the goods it sells. During January 2021, the following transactions took place:

Date Type of Transaction Number of Units Amount Per Unit
January 2 Beginning Inventory 60 $55.00
January 5 Purchase 52 $56.00
January 9 Sale 55 $105.00
January 18 Purchase 50 $57.00
January 24 Sale 56 $105.00
January 30 Purchase 57 $58.00

Required: Use the information above to produce a 9-column perpetual inventory schedule of merchandise activity in January, 2022. 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

Part Two: For the LIFO table you created (in part (a)), produce all general journal entries for January 18th and 24th . (assume all activity is on account - three entries in all)

Please do not post it as a picture I would like to be able to edit in word. Thank you!

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