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Please solve all the requirements, thank you! Underwater Way, Inc., carries a line of titanium cameras. Underwater Way, Inc., uses the FIFO method and a
Please solve all the requirements, thank you!
Underwater Way, Inc., carries a line of titanium cameras. Underwater Way, Inc., uses the FIFO method and a perpetual inventory system. The sales price of each camera is $185. Company records indicate the following activity for cameras for the month of July: |(Click the icon to view the records.) Read the requirements. Requirement 1. Prepare a perpetual inventory record for the cameras to determine the amount Underwater Way, Inc., should report for ending inventory and cost of goods sold using the FIFO method. Start by entering the beginning inventory balances. 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 quantity and total cost of inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.) FIFO: Purchases Cost of goods sold Inventory on hand Unit Total Unit Total Unit Total Date Qty Cost Cost Qty Cost Cost Qty Cost Cost Jul -X Data table Date Item Quantity Unit Cost Jul 1 Balance 5 5 $ 96 7 Purchase 11 $ 97 11 Sale 14 19 Purchase 20 $ 99 28 Sale 13 Print Done - X Requirements 1. Prepare a perpetual inventory record for the cameras to determine the amount Underwater Way, Inc., should report for ending inventory and cost of goods sold using the FIFO method. Journalize the inventory transactions for Underwater Way, Inc., using the FIFO method. Assume all purchases and sales are on account. 2. Print DoneStep by Step Solution
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