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 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. (Enter the oldest inventory layers first.) Purchases Unit Cost Total Cost Cost of Goods Sold Units Total Quantity Cost Cost Date Quantity Aug. 1 45 $ 35 $ 1,575 90 $ 54 $ 4,860 Inventory on Hand Unit Total Quantity | Cost Cost 50 $ 35 $ 1,750 5 $ 35 $ 175 5 $ 35 $ 175 $ 54$ 4,860 $ 35 $ 175 54 $ 270 35 $ $ 54 $ 270 $ 870 $ 1,315 85 $ 54 4,590 30 15 $ 58 $ 870 105 $ 5,730 130 $ Totals 6,165 Requirement 3. Prepare a perpetual inventory record for the merchandise inventory using the weighted average inventory costing method. 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 Unit Cost Total Cost Cost of Goods Sold Unit Total Quantity Cost Inventory on Hand Unit Total Quantity Cost Cost Date Quantity Cost Aug. co Totals 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 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. (Enter the oldest inventory layers first.) Purchases Unit Cost Total Cost Cost of Goods Sold Units Total Quantity Cost Cost Date Quantity Aug. 1 45 $ 35 $ 1,575 90 $ 54 $ 4,860 Inventory on Hand Unit Total Quantity | Cost Cost 50 $ 35 $ 1,750 5 $ 35 $ 175 5 $ 35 $ 175 $ 54$ 4,860 $ 35 $ 175 54 $ 270 35 $ $ 54 $ 270 $ 870 $ 1,315 85 $ 54 4,590 30 15 $ 58 $ 870 105 $ 5,730 130 $ Totals 6,165 Requirement 3. Prepare a perpetual inventory record for the merchandise inventory using the weighted average inventory costing method. 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 Unit Cost Total Cost Cost of Goods Sold Unit Total Quantity Cost Inventory on Hand Unit Total Quantity Cost Cost Date Quantity Cost Aug. co Totals
