Use this data for your Average, FIFO, and LIFO inventory computations:

You must record the transactions in the order listed in the table below:

$$

Quantity

Cost per Item

Sales Price per Item

Beginning Inventory$**$

$7$

$$4$

Sale #$1$

$5$

$$8$

Purchase #$1$

$4$

$$6$

Sale #$2$

$4$

$$12$

Purchase #$2$

$2$

$$8$

$**$Note: Beginning Inventory is a General Ledger balance and no Journal entry is needed

Use the data in this table for Specific Identification inventory computations:

You must record the transactions in the order listed in the table below:

Quantity

Cost per Item

Sales Price per Item

Beginning Inventory$**$ Blue

$7$

$$4$

Sale #$1$ Blue

$5$

$$8$

Purchase #$1$ All Red

$4$

$$6$

Sale #$21$ Blue, $3$ Red

$4$

$$12$

Purchase #$2$ All Yellow

$2$

$$8$

Pretend the $$4$ items are Blue, the $$6$ items are Red $,$ and the $$8$ items $.$are Yellow

Crate a LIFO and FIFO method