Exercise 1. Perpetual Inventory System -- FIFO and LIFO Methods: This exercise illustrates the perpetual inventory system for the FIFO and LIFO methods. The perpetual weighted-average method is not shown. The following cost data is available for a product. (No sales price data is available.) November 1 Inventory (beginning) 30 units at $55 7 Purchase 10 units at $60 12 Sale 9 units 18 Sale 24 units 23 Purchase 15 units at $65 30 Sale 8 units Complete the schedules on the next two pages for: a. perpetual FIFO, and b. perpetual LIFO. At the bottom of each schedule is the journal entry to recognize COST OF GOODS SOLD and a partial income statement where cost of goods sold is reported and a partial balance sheet where the amount of inventory is reported. Completes the journal entry and fill in the cost of goods sold and inventory amounts as well. Dale a. Perpetual Inventory - FIFO Cell Phones COST OF GOODS SOLD Purchases Unit Cost Total Cost Unit Cost Total Cost INVENTORY balance Unit Total Quantity Cost Cost Date Quantity Quantity Nov. 1 30 55 1,650 Nov. 7 55 60 60 Nov. 12 55 55 60 Nov. 18 55 60 60 Nov. 23 60 65 65 Nov. 30 60 65 65 Totals Journal Entry: Income Statement Sales $ 8888 Cost of Goods Sold $ Dr. Cr. Accounts COST OF GOODS SOLD INVENTORY Balance Sheet Current Assets: Inventory b. Perpetual Inventory -LIFO Purchases Unit Cost Cell Phones COST OF GOODS SOLD Unit Total Quantity Cost Cost Total Cost INVENTORY balance Unit Total Quantity Cost Cost Date Quantity Nov. 1 30 55 1,650 Nov. 7 55 60 60 1 Nov. 12 55 60 60 Nov. 18 55 55 60 Nov. 23 55 65 65 Nov. 30 65 55 65 Totals Journal Entry: Income Statement Sales $ 88.88X Cost of Goods Sold S Dr. Cr. Accounts COST OF GOODS SOLD INVENTORY $ $ Balance Sheet Current Assets: Inventory