Zippy, a regional convenience store chain, maintains milk inventory by the gallon. The first month's milk purchases and sales at its Tempe, Arizona, location follow: i (Click the icon to view the purchases and sales.) Read the requirements. Requirement 1. Determine the amount that would be reported in ending merchandise inventory on November 15 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 all amounts to the nearest cent, $X.XX. Enter the oldest inventory layers first.) Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total More info Requirements Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Nov. 21 61 Nov.2 Purchased 12 gallons @ $2.20 each Nov. 6 Purchased 2 gallons @ $2.55 each Nov. 8 Sold 4 gallons of milk to a customer Nov. 13 Purchased 4 gallons @ $2.60 each Nov. 14 Sold 5 gallons of milk to a customer 1. Determine the amount that would be reported in ending merchandise inventory on November 15 using the FIFO inventory costing method. 2. Determine the amount that would be reported in ending merchandise inventory on November 15 using the LIFO inventory costing method. 3. Determine the amount that would be reported in ending merchandise inventory on November 15 using the weighted average inventory costing method. (Round all amounts to the nearest cent, $X.XX.) 8 13 Print Done 14 Print C Done Totals Assume that Models and More store purchased and sold a line of dolls during December as follows: (Click the icon to view the transactions.) Models and More uses the perpetual inventory system. Read the requirements ( 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.) Purchases Cost of Goods Sold Inventory on Hand - X Unit Total Unit Total Unit Total More info Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Dec. 1 11 units @ $ 9 each Dec. 1 Beginning merchandise inventory 8 Sale Dec. 8 8 units @ $ 19 each Dec. 14 14 Purchase 16 units @ $ 15 each units @ $ 19 each 21 Sale 13 Dec. 21 Totals Requirements 1. Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the FIFO inventory costing method. 2. Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the LIFO inventory costing method. 3. Which method results in a higher cost of goods sold? 4. Which method results in a higher cost of ending merchandise inventory? 5. Which method results in a higher gross profit? Eagle has determined that the current replacement cost (current market value) of the July 31, 2025, ending merchandise inventory is $13,000 Eagle Resources, which uses the FIFO inventory costing method, has the following account balances at July 31, 2025, prior to releasing the financial statements for the year: Merchandise Inventory, ending $ 15,500 Cost of Goods Sold 73,000 Net Sales Revenue 116,000 Read the requirements Requirement 1. Prepare any adjusting journal entry required from the given information. (Record debits first, then credits. Select the explanation on the last line of the journal entry. For situations that do not require an entry, make sure to select "No entry required" in the first cell in the "Accounts" column and leave all other cells blank.) Date Accounts and Explanation Debit Credit Jul 31 Requirements 1. Prepare any adjusting journal entry required from the information given. 2. What value would Eagle report on the balance sheet at July 31, 2025, for merchandise inventory? Print Done