H 1 1 1 Inventory Flow Assumptions 2 DATA 3 Date Description Jan 1 Inventory on hand 5 Jan 15 Purchase 6 Jan 22 Sale 7 8 Requirements Pepeda Od Lethods Forex 1.) te puth in the end Units Per Unit 10 $ 4 30 $ 5 35 $ 10 Hint: $10 is the sale price Remember we are calculating cost. 2. under you are entry on Hind you the then the theores corded 10 11 12 Purchases Unit cost FIFO Perpetual Inventory Record Cost of Goods Sold Quantity Unit cost Inventory on Hand Quantity Unit cost Total Cost Quantity Date Jan 1 Total Cost 14 15 Jan 15 17 18 Jan 22 21 12 Totals Requirements Prepare a perpetual inventory record using FIFO and LIFO inventory costing methods. For each method: 1.) Enter purchases and sales into the inventory record. You should only enter data into light blue cells but all light blue cells may not be needed. The gray cells will compute automatically. Jan 1 has been done for you. 2.) Update the Inventory on Hand after you enter the purchase or sale data. For Inventory on Hand you report the quanity and the cost that remains in inventory after the purchase or sale is recorded. 26 27 Purchases Unit cost LFO Perpetual Inventory Record Cost of Goods Sold Quantity Unit cost Inventory on Hand Unit cost Total Cost 28 Quantity Total Cost Quantity Date Jan 1 29 30 31 Jan 15 33 34 Jan 22 35 36 37 Totals