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Prepare perpetual inventory record for merchandise inventory

Assignment Help Accounting Basics
Reference no: EM131562704

Problem - Accounting for inventory using the perpetual inventory system-FIFO, LIFO, and weighted-average, and comparing FIFO, LIFO, and weighted-average

Units Unit Cost Unit Sale Price

Jan. 3 Sale 60 $ 74

8 Purchase 80 $ 43>

21 Sale 70 79

30 Purchase 20 49

Requirements

1. Prepare a perpetual inventory record for the merchandise inventory using the FIFO inventory costing method.

2. Prepare a perpetual inventory record for the merchandise inventory using the LIFO inventory costing method.

3. Prepare a perpetual inventory record for the merchandise inventory using the weighted-average inventory costing method.

4. Compute gross profit for January using FIFO, LIFO, and weighted-average inventory costing methods.

5. If the business wanted to maximize gross profit, which method would it select?

Reference no: EM131562704

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