data table

requirements

part 1

part 2

Requirement 2. Prepare a perpetual inventory record using FIFO

Start by entering the beginning inventory balances. 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 inventory purchased, sold, and on hand at the end of the period. For cost of goods sold, enter the first layer out under FIFO costing first. For inventory on hand, enter the oldest inventory layer first.

part 3

Prepare a perpetual inventory record using LIFO. Start by entering the opening inventory balance. 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 inventory purchased, sold, and on hand at the end of the period. (For cost of goods sold, enter the first layer out under LIFO costing first. For inventory on hand, enter the oldest inventory layer first.)

part 5

Prepare a perpetual inventory record using average cost. Round average cost per unit to the nearest cent and all other amounts to the nearest dollar. Start by entering the opening inventory balance. 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 inventory purchased, sold, and on hand at the end of the period. (Round average cost per unit to the nearest cent and all other amounts to the nearest dollar.)

Data Table Date Item Quantity Unit Cost 15 $ 70 $ 75 50 $ 90 24 Mar 1 Balance 85 4 Purchase 12 Sale 22 Purchase 31 Sale Print Done Requirements 1. Without resorting to calculations, determine which inventory method will result in PC, Inc., paying the lowest income taxes. 2. Prepare a perpetual inventory record using FIFO. 3. Prepare a perpetual inventory record using LIFO 4. Prepare a perpetual inventory record using average cost. Round average cost per unit to the nearest cent and all other amounts to the nearest dollar. Print Done Requirement 1. Without resorting to calculations, determine which inventory method will result in PC, Inc., paying the lowest income taxes. In times of inventory prices, as is the case here, the Vmethod will result in PC, Inc., paying the lowest income taxes. Purchases Cost of goods sold Inventory on hand Unit Total Unit Total Unit Total Date Qty Cost CostQty Cost Qty Cost Mar Mar 4 Mar 12 Mar 22 Mar 31 Total Purchases Cost of goods sold Inventory on hand Unit Total Unit Total Unit Total Date Qty Cost CostQty Cost Cost Qty Cost Cost Mar Mar4 Mar 12 Mar 22 Mar 3 Total