Steel It

began

August with 50

units of iron inventory that cost

$35

each. During

August ?,

the company completed the following inventory? transactions:

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.)

ad the requirements quirement 1. Prepare a perpetual inventory record for the merchandise inventory using the FIFO inventory costing method art by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on lculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the Inventory on Hand Unit Purchases Cost of Goods Sold Unit Total Unit Total Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost 50 $ 35$ 1,750 35 $ 175 5 $35 $ 175 90 S 54 $S 4,860 Aug 1 45 $35 $ 1,575 5 $ 90 54 4.860 8 5 35 175 80 $ 54 $ 4,320 21 10 $ 54$ 540 10 $ 54 $ 540 15 $ 30 15 s 58 870 s 58 s 870 Enter any number in the edit fields and then click Check Answer Clear All parts remaining