Business, 14.01.2020 02:31, gisellekarime

Assume the perpetual inventory system is used unless stated otherwise. accounting for inventory using the perpetual inventory system—fifo, lifo, and weighted-average, and comparing fifo, lifo, and weighted-average steel mill began august with 50 units of iron inventory that cost s35 each. during august, the company completed the following inventory transactions:

units unit cost unit sale price

aug. 3 sale 45 $85
8 purchase 90 $54
21 sale 85 88
30 purchase 15 58

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. determine the company's cost of goods sold for august using fifo, lifo, and weighted-average inventory costing methods.
5. compute gross profit for august using fifo, lifo, and weighted-average inventory costing methods.
6. if the business wanted to maximize gross profit, which method would it select?

Answers: 3

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Assume the perpetual inventory system is used unless stated otherwise. accounting for inventory usin...