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Please help with all requirements. Thank you Zippy C-Store, a regional convenience store chain, maintains milk inventory by the gallon. The first month's milk purchases
Please help with all requirements. Thank you
Zippy C-Store, a regional convenience store chain, maintains milk inventory by the gallon. The first month's milk purchases and sales at its San Bernardino, Califomia, location follow: Requirement 1. Determine the amount that would be reported in ending merchandise inventory on January 15 using the FIFO inventory costing method. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quanti inventory purchased, sold, and on hand at the end of the period. (Enter all amounts to the nearest cent, $X.XX. Enter the oldest inventory layers first.) and total cost of merchandise x Purchases Unit Date Quantity Cost Jan. 2 8 13 14 Totals Cost of Goods Sold Inventory on Hand Unit Quantity Cost Purchases and sales Total Cost Quantity Unit Cost Total Cost Total Cost Jan. Jan. Jan. Jan. Jan. 2 6 8 13 14 Purchased 12 gallons @ $2.25 each Purchased 6 gallons @ $2.40 each Sold 7 gallons of milk to a customer Purchased 3 gallons @ $3.00 each Sold 4 gallons of milk to a customer x Requirements 1. 2. 3. Determine the amount that would be reported in ending merchandise inventory on January 15 using the FIFO inventory costing method. Determine the amount that would be reported in ending merchandise inventory on January 15 using the LIFO inventory costing method. Determine the amount that would be reported in ending merchandise inventory on January 15 using the weighted-average inventory costing method. (Round all amounts to the nearest cent, $X.XX.)
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