Perpetual Inventory System-Weighted Average

date operation purchase sale balance

units price value units price value units price value

1 Beg. Bal 100 4

2 purchase 170 5

5 sale/40

7 sale/80

10 purchase 300 4

12 sale/440

17 sale/5

20 purchase 160 7

23 sale/75

27 purchase 250 8

29 sale/30

Perpetual Inventory System-FIFO

date operation purchase sale balance

units price value units price value units price value

1 Beg. Bal 100 4

2 purchase 170 5

5 sale/40

7 sale/80

10 purchase 300 4

12 sale/440

17 sale/5

20 purchase 160 7

23 sale/75

27 purchase 250 8

29 sale/30

Perpetual Inventory System-LIFO

date operation purchase sale balance

units price value units price value units price value

1 Beg. Bal 100 4

2 purchase 170 5

5 sale/40

7 sale/80

10 purchase 300 4

12 sale/440

17 sale/5

20 purchase 160 7

23 sale/75

27 purchase 250 8

29 sale/30

Required:

1.Complete the above tables by formatting the cells to calculate the ending inventory using the three cost inventory methods

2. Calculate the cost of goods sold and ending inventory under the three inventory methods

3. Explain the impact of ending inventory and cost goods sold on the balance sheet and the income statement under the three inventory methods.

4. Do you agree with FIFO or LIFO? Explain.

Perpetual Inventory SystemWghted Average purchase sale balance operation 1Beg Ball 2purchase Salel4 7sale 10 purchase 12 sale440 17sale 20purchase 23sale/TS 27 purchase 29sale/30 date units price units price walue units price value ann 100 4 170 5 300 4 160 7 250 8 Perpetual Inventory SystemO purchase aale balance operaion Beg Ba price units dete units value walue units price value 100 4 170 2purchase 5 7sale 10 purchase 300 12 salel440 17sale 20 purchase 160 23aleTS 27purchase 250 29sale/30 Perpatual Inventory System-FO balance purchase sae operation date units price value units walue units price walue Beg Bal 100 4 2purchase 170 salel ale 10 purchase 300 12salel40 17a 20 purchase 160 23sale7s 27urchase 20 29sale30 Required 1Complete the above tables by fomating the cells to calculate the ending inntory using the three cost inventory methods 2. Caloulate the cost of goods sold and ending inventory under the three intory mthod 3. Explain the impact of ending imventory and cost goods sold on the baance sheet and the income statement under the three inventory methods 4. Do you agree with FIFOor LFOExain Perpetual Inventory SystemWghted Average purchase sale balance operation 1Beg Ball 2purchase Salel4 7sale 10 purchase 12 sale440 17sale 20purchase 23sale/TS 27 purchase 29sale/30 date units price units price walue units price value ann 100 4 170 5 300 4 160 7 250 8 Perpetual Inventory SystemO purchase aale balance operaion Beg Ba price units dete units value walue units price value 100 4 170 2purchase 5 7sale 10 purchase 300 12 salel440 17sale 20 purchase 160 23aleTS 27purchase 250 29sale/30 Perpatual Inventory System-FO balance purchase sae operation date units price value units walue units price walue Beg Bal 100 4 2purchase 170 salel ale 10 purchase 300 12salel40 17a 20 purchase 160 23sale7s 27urchase 20 29sale30 Required 1Complete the above tables by fomating the cells to calculate the ending inntory using the three cost inventory methods 2. Caloulate the cost of goods sold and ending inventory under the three intory mthod 3. Explain the impact of ending imventory and cost goods sold on the baance sheet and the income statement under the three inventory methods 4. Do you agree with FIFOor LFOExain