Accounting for inventory using perpetual inventory system

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Reference no: EM131815299

Question: Accounting for inventory using the perpetual inventory system-FIFO, LIFO, and weighted-average Athletic World began July with merchandise inventory of 68 crates of vitamins that cost a total of $4,080. During the month, Athletic World purchased and sold merchandise on account as follows:

Requirements: 1. Prepare a perpetual inventory record, using the FIFO inventory costing method, and determine goods sold, ending merchandise inventory, and gross profit.

2. Prepare a perpetual inventory record, using the LIFO inventory costing method, and determine goods sold, ending merchandise inventory, and gross profit.

3. Prepare a perpetual inventory record, using the weighted-average inventory costing method, company's cost of goods sold, ending merchandise inventory, and gross profit. (Round weight to the nearest cent and all other amounts to the nearest dollar.)

Reference no: EM131815299

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