UFO$/$FIFO$/$Average Cost under Periodic and Pepetual Inventory Systems

Spelling Company had the following transactions in connection with their inventory account during the month of August:

$\backslash$table$[[,$PURCHASES,,,SALES,$],[,$Units,Unit Cost,,Units,Unit Price$],[1-$Aug,$625s,8\mathrm{.}15,4$Aug,$235s,1260],[3-$Aug,$670,8\mathrm{.}25,10-$Aug,$635,12\mathrm{.}60],[7-$Aug,$1215,8\mathrm{.}45,12-$Aug,$810,13\mathrm{.}00],[11-$Aug,$580,8\mathrm{.}50,17-$Aug,$630,13\mathrm{.}10],[16-$Aug,$540,8\mathrm{.}55,20-$Aug,$715,13\mathrm{.}40],[23-$Aug,$610,8\mathrm{.}60,25-$Aug,$570,13\mathrm{.}50],[4240,,,3595,]]$

Instructions:

Calculate the total number of ending imventory units. $($This number will be used for all methods and assumptions$)$

a$.$ Assuming that the company keeps perpetual records in units only; compute the inventory at August $31,$ using $(1)$ LIFO; $(2)$ FFO and $(3)$ average cost. $($the periodic method$)$

b$.$ Assuming that perpetual records are kept in dollars, compute the inventory at August $31.$ using $(1)$ LIFO: $(2)$ FIFO and $(3)$ average cost $($ine perpetual method$)$

c$.$ Calculate the cost of goods sold Spelling Compary should record for the month of August assuming the periodic inventory method $($fon$)(1)$ LIFO; $(2)$ FIFO and $(3)$ average cost.

d$.$ Calculate the cost of goods sold Speling Company should record for the month of August assuming the perpetual inventory method for $(1)$ LIFO: $(2)$ FIFO and $(3)$ average cost.

Calculate the Gross Profit for LIFO and FIFO under the periodic method.

You are to create worksheets within this document that calculate the requested information provide for above. I must see your work in order to give full credit.

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If I believe you have shared or copied your data$/$worksheets$,$ I will prowide a zero for the assignment. Do your own work please!

Provide the Answers on the SOLUTIONS tab in the workbook $($use cell references$).$ But make sure this document also provides the backup information$/$calculation for each solution.

Do not hard enter any number that is a calculation...use formulas and references throughout.

$-$Present solutions rounded to two decimals.

$\backslash$table$[[$CHECK FIGURES:,,$],[$LiFO Perpetual Ending Inventory,$$,5\mathrm{.}274\mathrm{.}75],[$LIFO Periodic Cost of Goods Sold,$$,30\mathrm{.}422\mathrm{.}25],[$Average Cost Perpetual Ending Inventory,$$,5\mathrm{.}490\mathrm{.}91]]$