Page Layout Formulas Data Review View + Share AutoSum , = Home Insert X Cut Copy Paste Format Calibri 11 A- A- Wrap Text General = X 27, H Fill - BIU A Merge & Center & $ 7 % % ) 1.0 .00 .00 ..0 Delete Insert Cell Styles Conditional Format Formatting as Table Format Clear Sort & Filter Check for Updates Office Update To keep up-to-date with security updates, fixes, and improvements, choose Check for Updates. P7 4 x v fx A B D E F G 1 J 1 Complete the Inventory Computation Schedule using the FIFO Perpetual Method. Compute the LIFO amounts as shown in the class example using the ending inventory amount and the oldest cost(s). Compute the difference. H L . M N 0 P 0 R S T T U V W X Y Z 5 FIFO Perpetual Method Cost of Goods Sold Inventory Units In Stock Remaining Inventory $ Balance Units Sold Unit Cost Unit Costs Inventory Debits Credits purchases 300 amounts expensed to COGS balance in inventory Purchased 6 Date Units Unit Cost 7 June 1 510 $9 8 Balance 9 9 June 4 180 $13 10 11 Balance 12 June 6 13 14 Balance 15 June 18 260 $15 16 17 18 Balance 19 June 26 20 21 22 Balance 23 24 Summarize the information in the schedule. 25 26 Units 27 Total Purchased 28 Less Total Sold 29 Inventory In Stock 210 180 10 FIFO Amount Compute the difference on the financial statements, LIFO -FIFO If using LIFO Bal. Sheet COGS Net Income Diff./Effect 31 32 Compute the LIFO ending inventory balance using the periodic method. 33 UFO Inventory COGS 34 Units Price Amount Amount 35 36 37