Requirement 1. Prepare a perpetual inventory record for the merchandise inventory using the FIFO inventory costing method. Start by entering the…

Requirement 1.

Purchases

Cost of Goods Sold

Inventory on Hand

Unit

Total

Unit

Total

Unit

Total

Date

Quantity

Cost

Cost

Quantity

Cost

Cost

Quantity

Cost

Cost

Aug. 1

3

8

21

30

Totals

Requirement 2.

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

3

8

21

30

Totals

Requirement 3.

Purchases

Cost of Goods Sold

Inventory on Hand

Unit

Total

Unit

Total

Unit

Total

Date

Quantity

Cost

Cost

Quantity

Cost

Cost

Quantity

Cost

Cost

Aug. 1

3

8

21

30

Totals

Requirement 4.

August

The cost of goods sold amount for August using FIFO inventory costing is $

.

The cost of goods sold amount for August using LIFO inventory costing is $

.

The cost of goods sold amount for August using weighted-average inventory costing is $

.

Requirement 5.

August

Sales Revenue

Cost of Goods Sold

=

Gross profit

FIFO

=

LIFO

=

Weighted-average

=

Requirement 6.

Enter any number in the edit fields and then continue to the next question.

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