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The first part of the question is done, can you please help me with the second part i.e filling the second table below. Requirement 1.
The first part of the question is done, can you please help me with the second part i.e filling the second table below.
Requirement 1. Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the FIFO inventory costing method Begin by computing the cost of goods sold and cost of ending merchandise inventory using the FIFO inventory costing method. 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.) Cost of Goods Sold Inventory on Hand More Into Unit Total Unit Total Unit Total Cost 11 S21 Date QatityCosCostQuantity Cost CostQtity Cost Dec. 1 Dec. 8 Dec. 14 Dec. 1 Beginning merchandise inventory units$ 11 each 8 units S 24 each 4 units S 15 each 13 units S 24 each 8 $11 88 8 Sale 14 Purchase 21 Sale 14 S 15 S 210 14S15 S 210 3 S11$ 33 10 $ 15 150 21 Dec. 21 4$15 S 60 Print Done S 210 60 Totals Compute the gross profit using the using the FIFO inventory costing method Gross profit is S 233 using the FIFO inventory costing method Requirem 2. Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the LIFO inventory costing method. Begin by computing the cost of goods sold and cost of ending merchandise inventory using the LIFO inventory costing method. 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.) Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Date Quantity Cost CostQuantity Cost Cost Quantity Cost Cost Dec. 1 Dec. 8 Dec. 14 Dec. 21 Totals
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