Read the requirements Requirement 2. Prepare a perpetual inventory record for the merchandise inventory using the LIFO inventory costing method Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balance cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first) Purchases Cost of Goods Sold Inventory on Hand Unit Total Units Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Aug Enter any number in the eart flas and then click Check Answer Do Clear LIFO inventory costing method. T, calculating new inventory on hand balances after each transaction. Once all of the trai oldest inventory layers first.) Inventory on Hand i Data Table Units Unit Cost 455 655 41 Unit Sales Price 72 Aug. 3 Sale 8 Purchase 21 Sale 30 Purchase 2056 Print Done Clear All 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? Print Print [Done Done Clear All DAL Read the requirements Requirement 2. Prepare a perpetual inventory record for the merchandise inventory using the LIFO inventory costing method Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balance cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first) Purchases Cost of Goods Sold Inventory on Hand Unit Total Units Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Aug Enter any number in the eart flas and then click Check Answer Do Clear LIFO inventory costing method. T, calculating new inventory on hand balances after each transaction. Once all of the trai oldest inventory layers first.) Inventory on Hand i Data Table Units Unit Cost 455 655 41 Unit Sales Price 72 Aug. 3 Sale 8 Purchase 21 Sale 30 Purchase 2056 Print Done Clear All 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? Print Print [Done Done Clear All DAL
