requirement 2.

Requirement 1. Propare a perpetual inventory record for the merchandise inventory using the FIFO 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 Cost of Goods Sold Total Quantity Cost Cost Total Cost Unit Date Quantity Aug. 1 Inventory on Hand Unit Total Quantity Cost Cost 60 $ 25 S 1,500 15 $ 25 $ 375 15 $ 25 $ 375 65 $ 41 $ 2,665 45 S 25 $ 1,125 8 65 $ 41 $ 2,665 N 15 40 S $ 25 $ 41 $ 375 1.640 30 20 $ 56 $ 1,120 25 $ 25 $ 20 S 41 S 41 $ 56 S $ 1,025 1,025 1,120 2.145 Totals 85 S 3.785 im $ 3.140 45 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 Inventory on Hand Unit cost Total Cost Cost of Goods Sold Units Total Quantity Cost Cost Date Quantity Unit Cost Total Cost 1,500 25 45 2 6 1.125 375 65412,665 25 375 2.665 Totals i Data Table X Units Unit Cost Unit Sales Price $ 72 Aug 3 Sale 8 Purchase 21 Sale 30 Purchase 65 $ 41 2056 Print Done Enter any number in the edit fields and then click Check