Question
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!
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started