IE $8-2($Static$)$ Based on Exercise $8-14$ Inventory cost flow methods; perpetual system $[$LO$8-1,8-4]$

Dublin Corporation provides the following Information related to its Inventory during the month of October:

October $1$ Inventory on hand$-3,00$ units; cost $$6.90$ each.

October $9$ Sold $2,40$e units for $$1.$ each.

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

October $18$ Sold $1,$ e units for $$19\mathrm{.}2$ each.

October $24$ Purchased $1,40$ units for $$7\mathrm{.}2$ 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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Accessibility tab summary: A data table for Dublin Corporation is provided in cells A$6$ to H$12.$ An entry field is provided in cell D$12.$ A statement of requirement $1$ is provided in row $16.$ A table for student

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Dublin Corporation provides the following information related to its inventory during the month of October $2023.$

$\backslash$table$[[$Date$,,$Units,Per unit$],[$October $1,$Inventory on hand,$3,000$ units at cost of$,$$$6\mathrm{.}00$ per unit$],[$October $9,$Sold,$2,400$ units for,$$10\mathrm{.}00$ each$],[$October $12,$Purchase,$1,200$ units at a cost of$,$$$6\mathrm{.}30$ per unit$],[$October $18,$Sold,$1,000$ units for,$$10\mathrm{.}20$ each$],[$October $24,$Purchase,$1,400$ units at a cost of$,$$$7\mathrm{.}20$ per unit$],[$October $31,$Inventory on hand,units,$]]$

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.

$\backslash$table$[[$Perpetual Fifo$],[,$Cost of Goods Avallable for Sale,Cost of Goods Sold $-$ October $9,$Cost of Goods Sold $-$ October $18,$Ending Inventory$],[,\backslash$table$[[\backslash$table$[[$Number of$],[$units$]]]],\backslash$table$[[$Cost per$],[$unit$]],\backslash$table$[[$Cost of Goods$],[$Available for$],[$Sale$]],\backslash$table$[[$Number of$],[$units sold$]],$Cost per unit,$\backslash$table$[[$Cost of$],[$Goods Sold$]],\backslash$table$[[$Number of$],[$units sold$]],\backslash$table$[[$Cost per$],[$unit$]],\backslash$table$[[$Cost of$],[$Goods Sold$]],\backslash$table$[[$If of units in$],[$ending$],[$inventory$]],\backslash$table$[[\backslash$table$[[$Cost per$],[$unit$]]]],\backslash$table$[[$Ending$],[$Inventory$]]],[$Beginning inventory,

$,,,,$$$0\mathrm{.}00,50,,50,00,50,,50\mathrm{.}00,$$$0$

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