Jul. 5 Purchase 120 crates @ $58 each Jul. 13 Sale 130 crates @ $108 each Jul. 18 Purchase 130 crates @ $72 each Jul. 26
Posted: Sun Apr 17, 2022 7:07 pm
- Jul 5 Purchase 120 Crates 58 Each Jul 13 Sale 130 Crates 108 Each Jul 18 Purchase 130 Crates 72 Each Jul 26 1 (31.15 KiB) Viewed 24 times
- Jul 5 Purchase 120 Crates 58 Each Jul 13 Sale 130 Crates 108 Each Jul 18 Purchase 130 Crates 72 Each Jul 26 2 (44.45 KiB) Viewed 24 times
- Jul 5 Purchase 120 Crates 58 Each Jul 13 Sale 130 Crates 108 Each Jul 18 Purchase 130 Crates 72 Each Jul 26 3 (41.11 KiB) Viewed 24 times
do 1. 2. Prepare a perpetual inventory record, using the FIFO inventory costing method, and determine the company's cost of goods sold, ending merchandise inventory, and gross profit. Prepare a perpetual inventory record, using the LIFO inventory costing method, and determine the company's cost of goods sold, ending merchandise inventory, and gross profit. Prepare a perpetual inventory record, using the weighted average inventory costing method, and determine the company's cost of goods sold, ending merchandise inventory, and gross profit. (Round weighted average cost per unit to the nearest cent and all other amounts to the nearest dollar.) If the business wanted to pay the least amount of income taxes possible, which method would it choose? 3. 4.
Seven Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Jul. 1 5 13 18 26 Totals