Read the requirements 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 merchandise inventory purchased, sold, and on hand at the end of the period. Purchases Cost Goods Sold Inventory on Hand - Unit Total Unit Total Unit Total Data table Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Jan. 3 Units Unit Cost Unit Sales Price 8 Jan. 3 Sale 45 $ 83 21 Jan. 8 Purchase 75 $ 52 Sale Jan. 21 70 30 85 Jan. 30 Purchase 10 55 Totals Requirement 4. Determine the company's cost of goods sold for January using FIFO, LIFO, and weighted average inventory costing methods. Print Done The cost of goods sold amount for January using FIFO inventory costing is The cost of goods sold amount for January using LIFO inventory costing is The cost of goods sold amount for January using weighted average inventory costing is Requirement 5. Compute gross profit for January using FIFO, LIFO, and weighted average inventory costing methods. Sales Revenue Cost of Goods Sold Gross profit CICO Read the requirements 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 merchandise inventory purchased, sold, and on hand at the end of the period. Purchases Cost Goods Sold Inventory on Hand - Unit Total Unit Total Unit Total Data table Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Jan. 3 Units Unit Cost Unit Sales Price 8 Jan. 3 Sale 45 $ 83 21 Jan. 8 Purchase 75 $ 52 Sale Jan. 21 70 30 85 Jan. 30 Purchase 10 55 Totals Requirement 4. Determine the company's cost of goods sold for January using FIFO, LIFO, and weighted average inventory costing methods. Print Done The cost of goods sold amount for January using FIFO inventory costing is The cost of goods sold amount for January using LIFO inventory costing is The cost of goods sold amount for January using weighted average inventory costing is Requirement 5. Compute gross profit for January using FIFO, LIFO, and weighted average inventory costing methods. Sales Revenue Cost of Goods Sold Gross profit CICO