{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-26T14:11:39-04:00", "answer_date": "2024-05-26 14:11:39", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1743911", "url": "\/study-help\/questions\/question-accounting-for-inventory-using-the-perpetual-inventory-systemfifo-and-1743911", "question_creation_date_js": "2024-05-26T14:11:39-04:00", "question_creation_date": "May 26, 2024 02:11 PM", "meta_title": "[Solved] Question Accounting for inventory using t | SolutionInn", "meta_description": "Answer of - Question Accounting for inventory using the perpetual inventory system-FIFO and weighted-average, and comparing FIFO a | SolutionInn", "meta_keywords": "question,accounting,inventory,perpetual,system-fifo,weighted-average,comparing,fifo,steel,mill,began,august", "question_title_h1": " Question Accounting for inventory using the perpetual inventory system-FIFO and weighted-average, and comparing FIFO and weighted-average Steel Mill began August with 50 units of", "question_title": " Question Accounting for inventory using the perpetual inventory system-FIFO and weighted-average,", "question_title_for_js_snippet": "Question Accounting for inventory using the perpetual inventory system FIFO and weighted average, and comparing FIFO and weighted average Steel Mill began August with 50 units of iron inventory that cost $35 each During August, the company completed the following inventory transactions Units Aug 3 Sale 45 Unit Cost Unit Sales Price $85 8 Purchase 90 $54 16 Sale 85 $88 20 Purchase 15 $ 58 22 Sale 15 $90 24 Purchase 150 $ 60 5 27 Purchase 75 $63 5 30 Sale 95 $95 C 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 weighted average inventory costing method 3 Determine the company's cost of goods sold for August using FIFO and weighted average inventory costing methods ", "question_description": "\"image", "transcribed_text": "Question Accounting for inventory using the perpetual inventory system-FIFO and weighted-average, and comparing FIFO and weighted-average Steel Mill began August with 50 units of iron inventory that cost $35 each. During August, the company completed the following inventory transactions: Units Aug. 3 Sale 45 Unit Cost Unit Sales Price $85 8 Purchase 90 $54 16 Sale 85 $88 20 Purchase 15 $ 58 22 Sale 15 $90 24 Purchase 150 $ 60.5 27 Purchase 75 $63.5 30 Sale 95 $95 C 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 weighted- average inventory costing method. 3. Determine the company's cost of goods sold for August using FIFO and weighted-average inventory costing methods..", "related_book": { "title": "Survey of Accounting", "isbn": "978-1259683794, 77490835, 1259683796, 9780077490836, 978-0078110856", "edition": "3rd Edition", "authors": "Thomas P. Edmonds, Frances M. McNair, Philip R. Olds, Bor Yi", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/118.jpg", "uri": "\/textbooks\/survey-of-accounting-3rd-edition-118", "see_more_uri": "" }, "free_related_book": { "isbn": "037581129X", "uri": "\/textbooks\/the-berenstain-bears-and-the-papa-s-day-surprise-978-0375811296-115943", "name": "The Berenstain Bears And The Papa's Day Surprise", "edition": "" }, "question_posted": "2024-05-26 14:11:39", "see_more_questions_link": "\/study-help\/questions\/business-banking-2021-September-12", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/study-help\/questions\/true-or-false-6-points-each-always-assume-other-things-701753", "description": "TRUE OR FALSE. 6 POINTS EACH. (Always assume \"Other things equal.\") 1. In economics in the short run, a firm will have both fixed and variable resources. 2. 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