$1$ IE $8-2($Static$)$ Based on Exercise $8-14$ Inventory cost flow methods; perpetual system $[$LO$8-1,8-4]$ For an answer to be graded as correct, you must use an Excel formula:

Begin each formula with an $=$ sign.

Reference cells, instead of entering values.

Example: $=B3+C3$ ublin Corporation provides the following information related to its inventory during the month of October $2024.$

sing calculations based on a PERPETUAL inventory system, determine the inventory balance Dublin would report in its October $31$ balance sheet and the

ost of goods sold it would report in its October income statement using each of the following cost flow methods.

Determine the cost assigned to ending inventory and to cost of goods sold using the FIFO method.

Determine the cost assigned to ending inventory and to cost of goods sold using the LIFO method.

Dublin Corporation provides the following information related to its inventory during the month of October:

October $1$ Inventory on hand$-3,000$ units; cost $$6\mathrm{.}00$ each.

October $9$ Sold $2,400$ units for $$10\mathrm{.}00$ each.

October $12$ Purchased $1,200$ units for $$6\mathrm{.}30$ each.

October $18$ Sold $1,000$ units for $$10\mathrm{.}20$ each.

October $24$ Purchased $1,400$ units for $$7\mathrm{.}20$ each.

October $31$ Inventory on hand

Required:

Using calculations based on a PERPETUAL inventory system, determine the inventory balance Dublin would report in its October $31$

balance sheet and the cost of goods sold it would report in its October income statement using each of the following cost flow

methods.

Determine the cost assigned to ending inventory and to cost of goods sold using the FIFO method.

Determine the cost assigned to ending inventory and to cost of goods sold using the LIFO method.

Compute the amount of gross profit under the two methods.

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