Requirement 1. Assuming Target Repair, Inc., uses the FIFO inventory cost-flow assumption, what is the July 31 ending treadmill inventory balance and July cost of goods sold for treadmills? We will prepare a perpetual inventory record using FIFO. 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.) Perpetual Inventory Record: FIFO Purchases Cost of goods sold Inventory on hand A X Data Table Unit Total Unit Total Unit Total Date Qty Cost Cost Qty Cost Cost Qty Cost Cost Jun 30 Treadmill Inventory Jul 5 Unit @ Cost Total Cost June 30 balance 10 units @ $2,800 each 28,000 Jul 11 purchase 12 units @ $2,400 each 28,800 July 5 July 11 sale 13 units Jul 17 July 17 purchase 13 units @ $2,200 each 28,600 July 21 sale 12 units Jul 21 purchase 14 units @ $2,000 each $ 28,000 July 25 July 29 sale 9 units Jul 25 Print Done Jul 29 Enter any number in the edit fields and then continue to the next question. Perpetual Inventory Record: LIFO Purchases Cost of goods sold Inventory on hand Unit Total Unit Total Unit Total Date Qty Cost Cost Qty Cost Cost Qty Cost Cost Jun 30 X Jul i 5 Data Table Jul 11 Treadmill Inventory Jul 17 Unit @ Cost Total Cost June 30 balance 10 units @ $2,800 each 28,000 Jul 21 purchase 12 units @ $2,400 each 28,800 sale 13 units July 5 July 11 July 17 July 21 Jul 25 purchase 13 units @ $2,200 each 28,600 sale 12 units July 25 purchase 14 units @ $2,000 each 28,000 Jul sale July 29 29 9 units Print Done Total Requirement 3. Assuming Target Repair, Inc., uses the average cost inventory cost-flow assumption, what is the July 31 ending treadmill inventory balance and July cost of goods sold for treadmills? Round the average cost per unit to the nearest cent and all other amounts to the nearest dollar. We will prepare a perpetual inventory record using average cost. Start by entering the opening inventory balance. 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. Perpetual Inventory Record: Average Cost i X Data Table Purchases Cost of goods sold Inventory on hand Unit Total Unit Total Unit Total Date Qty Cost Cost Qty Cost Cost Qty Cost Cost Treadmill Inventory Jun 30 Unit @ Cost Total Cost Jul 5 June 30 balance 10 units @ $ 28,000 Jul 11 $2,800 each $2,400 each July 5 purchase 12 units @ $ 28,800 Jul 17 July 11 sale 13 units Jul 21 17 purchase 13 units @ $2,200 each 28,600 July July Jul 25 21 sale 12 units Jul 29 July 25 purchase 14 units @ $2,000 each $ 28,000 Total July 29 sale 9 units Enter any number in the edit fields and then continue to the next question. Print Done Save for Later
