Use the information below to complete the tasks.

model airplane kits sell for $50 each.

Hobbies Galore
Item: Model Airplane kits
Date	Item	Quantity	Unit Cost
1-Aug	Balance	5	$20
5-Aug	Purchase	7	$21
12-Aug	Sale	8
15-Aug	Purchase	13	$22
28-Aug	Sale	9

Prepare a perpetual inventory costing record using FIFO and journalize the purchase and sales transactions. (Assume all purchases and sales are on account)

6) give an example of a time when a business would estimate its ending inventory using the gross profit method.

3 Prenare a nernetual inventorv costing record using weighted average cost and nrenare the nurchase and sales transactions. 4 |Using the information above, complete the table for FIFO, LIFO and Weighed Average Cost and answer the question. During inflation, which costing method gives the highest profit before operating expenses? Which method gives the highest cost of inventory on hand? 5 Estimate the August 1 inventory for Hobbies Galore using the gross profit method. Hobbies Galore lost inventory in one of its storage units last month, July. Over the last five years, gross profit has averaged 35%. The following manredr ...anm mannuman 3 Prenare a nernetual inventorv costing record using weighted average cost and nrenare the nurchase and sales transactions. 4 |Using the information above, complete the table for FIFO, LIFO and Weighed Average Cost and answer the question. During inflation, which costing method gives the highest profit before operating expenses? Which method gives the highest cost of inventory on hand? 5 Estimate the August 1 inventory for Hobbies Galore using the gross profit method. Hobbies Galore lost inventory in one of its storage units last month, July. Over the last five years, gross profit has averaged 35%. The following manredr ...anm mannuman