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Please do all the requiremnets Please fast it is due soon Requirement 1. Prepare a perpetual inventory record for the merchandise inventory using the FIFO
Please do all the requiremnets
Please fast it is due soon
Requirement 1. Prepare a perpetual inventory record for the merchandise inventory using the FIFO inventory costing metho Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory o transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.) Requirements 1. Prepare a perpetual inventory record for the merchandise inventory using the FIFO inventory costing method. 2. Prepare a perpetual inventory record for the merchandise inventory using the LIFO inventory costing method. 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 August using FIFO. LIFO. and weighted-average inventory costing methods. 5. Compute gross profit for August using FIFO, LIFO, and weighted-average inventory costing methods. 6. If the business wanted to maximize gross profit, which method would it select? Data table Requirement 1. Prepare a perpetual inventory record for the merchandise inventory using the FIFO inventory costing metho Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory o transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.) Requirements 1. Prepare a perpetual inventory record for the merchandise inventory using the FIFO inventory costing method. 2. Prepare a perpetual inventory record for the merchandise inventory using the LIFO inventory costing method. 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 August using FIFO. LIFO. and weighted-average inventory costing methods. 5. Compute gross profit for August using FIFO, LIFO, and weighted-average inventory costing methods. 6. If the business wanted to maximize gross profit, which method would it select? Data tableStep by Step Solution
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