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Iron Man began August with 50 units of iron inventory that cost $35 each. During August, the company completed the following inventory transactions: Click the icon to view the transactions.) Read the requirements Requirement 1. Prepare 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) Purces net of fande Sala Inventenn Han Enter any number in the edit fields and then click Check Answer 7 parts remaining Clear All Check Answer B (similar to) - X story transactions Data Table began August with 50 units of iron inven ck the icon to view the transactions) he requirements Units Unit Cost Unit Sales Price Unit Total 45 $ 85 Aug 3 Sale Cost Quantity Cost te 90 54 $ 88 85 Aug 1 8 Purchase 21 Sale 30 Purchase 15 50 3 90 50 486011 Print Done rany number in the edit fields and then cho Check Answer parts Que III B (simila - X Requirements wing inventory transactions: n began August ick the icon to vi the requirements ate Quantity Aug 1 3 RU 90 TIIU Verry cusung me 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? er any number in to Print Done Check Answer parts n began August ick the icon to vi The requirements ate Quantity HOWTOTT Cubung merou. 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? Aug 1 3 90 er any number in thi Print Done Check Answer Iron Man began August with 50 units of iron inventory that cost $35 each During August, the company completed the following inventory transactions (Click the icon to view the transactions) Read the requirements Unit Unit Total Unit Total Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Aug. 1 50 35 1750 45 35 1575 35 175 RU 90 5411 48601 5 351 175 Total Date 5 Enter any number in the edit fields and then click Check
