Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please answer all the questions in detail. don't forget question#3! thank you. hapter 6 Learning Objectives 2, 3 P6-40B Accounting for inventory using the perpetual
please answer all the questions in detail. don't forget question#3! thank you.
hapter 6 Learning Objectives 2, 3 P6-40B Accounting for inventory using the perpetual inventory system FIFO, LIFO, and Weighted-Average, and comparing FIFO, LIFO, Omamental Iron Works began January with 45 units of iron inventory that cost $24 each. During January, the company completed the following inventory and Weighted-Average 5. RFO GP 53,690 transactions Unit Cost Unit Sale Price Units 35 $51 $32 70 65 73 Jan 3 Sale 8 Purchase 21 Sale 30 Purchase 47 25 Requirements FIFO inventory costing method. LIFO inventory costing method. 1. Prepare a perpetual inventory record for the merchandise inventory using the 2. Prepare a perpetual inventory record for the merchandise inventory using the 3. Prepare a perpetual inventory record for the merchandise inventory using the weighted-average inventory costing method. 4. Determine the company's cost of goods sold for January using FIFO, LIFO. and weighted average inventory costing methods. 5. Compute gross profit for January using FIFO, LIFO, and weighted average inventory costing methods. 6. If the business wanted to maximize gross profit, which method would it select jectives 1.4 P6.41R Annuncio 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