Eric's Powersports uses the FIFO inventory method. Eric's Powersports started January with 4 helmets that cost $55 each.

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Eric S Powersports Uses The Fifo Inventory Method Eric S Powersports Started January With 4 Helmets That Cost 55 Each 1 (21.35 KiB) Viewed 8 times

Eric's Powersports uses the FIFO inventory method. Eric's Powersports started January with 4 helmets that cost $55 each. On January 19, Eric's Powenports bought 7 helmets at $66 each. On January 28, Eid's Powersports d helmets Prepare a perpetual inventory record for Eric's Powersports 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 b record, calculate the quantity and total cost of inventory purchased, soid, and on hand at the end of the period (Enter the oldest inventary layers first) FIFO Inventory on hand Unit Total Cost Cost Jan Date 1 10 20 Purchase Unit Qty Cost Cost of goods sold Total Unit Total Cost Qty Cost Cost Qty the perpetual