RVICES Lesson 6 Merchandise Inventory Problem 1 Using a perputal inventory system, complete the following tasks using the below information: Task 1: Compute the costs of good available for sale and number of units available for sale Task 2: Compute the cost assigned to ending inventory using FIFO LIFO Weighted average Specific Identification Compute the gross profit earned for each of the four costing methods above. Task 3: Beginning inventory Purchase Sale I Purchase Purchase Sale II 100 units 400 units $55 per unit 420 units $85 per unit 120 units $60 per unit 200 units $62 per unit 160 units $95 per unit $50 per unit Task 1 Compute cost of goods available for sale and units available for sale Unit Total # units] Cost.." Cost 150 .5000 Beginning nventory Purchase HOO.. Purchase)20..-..: Purchase 2DD .55..22.9D0 @ .-).lol...-:Z2.00 o2.. .2 Ho0 Units available 20 Cost of goods available for sale TASK 2: Lesson 6 Merchandise Inventory Weighted Average Perpetual Goods Purchased Cost of Goods Sold Balance Units Cost Total Units Cost Total Cost Total Total Units average average average average TOTAL To keep simple you only have to average when you are making a sale. You do However once averaged move down to keep the average along with the new purchase. Compare to the examples. not have to make an average at a purchase