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Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Aug.
Purchases | Cost of Goods Sold | Inventory on Hand | |||||||
Unit | Total | Unit | Total | Unit | Total | ||||
Date | Quantity | Cost | Cost | Quantity | Cost | Cost | Quantity | Cost | Cost |
Aug. 1 | |||||||||
3 | |||||||||
12 | |||||||||
15 | |||||||||
20 | |||||||||
28 | |||||||||
Totals |
Requirements a. Determine the cost of goods sold and ending merchandise inventory by preparing a perpetual inventory record using the specific identification method. Assume the following costing information for the books sold during the month: August 3: 4 books costing $14 each August 15: 4 books costing $14 each and 5 books costing $20 each August 28: 2 books costing $20 each and 4 books costing $29 each b. Determine the cost of goods sold and ending merchandise inventory by preparing a perpetual inventory record using the FIFO inventory costing method. c. Determine the cost of goods sold and ending merchandise inventory by preparing a perpetual inventory record using the LIFO inventory costing method. d. Determine the cost of goods sold and ending merchandise inventory by preparing a perpetual inventory record using the weighted-average inventory costing method. Round weighted average unit cost to the nearest cent and total cost to the nearest dollar
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