ventory Lusung Heu . 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. 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? Print Done Clear All Read the requirements Requirement 2. Prepare a perpetual inventory record for the merchandise inventory using the LIFO inventory costing method. Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on han Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inver hand at the end of the period. (Enter the oldest inventory layers first.) Purchases Cost of Goods Sold Inventory on Hand Unit Total Units Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Aug 1 Enter any number in the edit fields and then click Check Answer Shal Clear All (lexine icon to view the ansactions 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 hanc Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inven hand at the end of the period. (Enter the oldest inventory layers first.) Purchases Unit Cost Total Cost Cost of Goods Sold Unit Total Quantity Cost Cost Date Quantity Inventory on Hand Unit Total Quantity Cost Cost 25 $ 1,500 25 1 375 Aug 455 25 $ 1125 SGS en 8 65 $ 41 $ 2,665 375 41 2,665 S 375 1.640 1025 30 20 56 5 1.12 1025 1.120 Enter any number in the ed neds and then click Check Answer Shal 6 parts P6-29A (similar to) Steel Mill began August with 60 units of iron inventory that cost $25 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 eal Once all of the transactions have been entered into the perpetual record calculate the quantity and total cost of merchandise inventory purchased, sa hand at the end of the period. (Enter the oldest inventory layers first) Purchases 0 Data Table Unit Quantity Date Aug. 1 Units Unit Cost Unit Sales Price 655 41 s 2 Aug 3 Sale 8 Purchase 21 Sale 30 Purchase - 30 205 56 Done the edit fields and then click Check
