Question: Can someone please help me solve this? I'm having a difficult time getting the numbers to go correctly and I can't figure it out. Thank




Can someone please help me solve this? I'm having a difficult time getting the numbers to go correctly and I can't figure it out. Thank you!




Lehigh Cycles uses a perpetual inventory system. Information related to cycles in begiining inventory, purchased and sold during January is shown below: Selling Cost per price Cycles unit per unit On January 1, Lehigh Cycles started the year with: 15 145.92 On January 9, we purchased: 30 156.89 On January 12, we sold: 29 On January 19, we purchased: 35 186.09 On January 21, we sold: 32 Required: Using the inventory records supplied, prepare Lehigh Cycles perpetual inventory record using the following methods: 1. First in, First out (FIFO) 2. Last in, First out (LIFO) 2. Weighted average * Complete the forms to the right. Make sure you show your amounts for ending inventory in dollars, total sales, cost of goods sold and gross profit for each method Perpetual FIFO Purchases Cost of Goods Sold Inventory on Hand Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total cost January 1 January 9 January 12 January 19 Janaury 21 _ El Ending inventory in units Cost of Goods Sold Ending Inventory in dollars Gross Profit Perpetual Cost of Goods Sold Inventory on Hand Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Qu a ntity Unit Cost Total cost --,-- ---- Januarv19 --- Januarv21 --- Sales Cost of Goods Sold Gross Profit Ending inventory in units Ending Inventory in dollars Perpetual _.|.-.il._ costofeoodssold InventowonHand Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total cost Januarv21 _ Endinsinventorvinunns Cost of Goods Sold Ending Inventory in dollars Gross Profit Note* Round all numbers to two decimal places
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