Requirement 1. Prepare a perpetual inventory record for Time Table using the FIFO, LIFO, and weighted-average...

 

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Requirement 1. Prepare a perpetual inventory record for Time Table using the FIFO, LIFO, and weighted-average inventory costing methods. Begin by preparing 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 merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.) Date FIFO: Jun. 1 3 16 23 Totals Quantity 14 Purchases Unit Cost 39 Cost of Goods Sold Unit Cost Total Cost Quantity 546 Total Cost Inventory on Hand Unit Quantity Cost 10 200 Total Cost 2000 Requirement 1. Prepare a perpetual inventory record for Time Table using the FIFO, LIFO, and weighted-average inventory costing methods. Begin by preparing 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 merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.) Date FIFO: Jun. 1 3 16 23 Totals Quantity 14 Purchases Unit Cost 39 Cost of Goods Sold Unit Cost Total Cost Quantity 546 Total Cost Inventory on Hand Unit Quantity Cost 10 200 Total Cost 2000

Answer rating: 100% (QA)

Perpetual Inventory Record for Time Table FIFO Method Date Transaction Quantity Unit Cost Total ... View the full answer