Accounting Help – Accounting for inventory using the perpetual inventory system

P6-34B (Must be completed on EXCEL separated by own sheets)

Need accounting homework help on the following:

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

Decorative Steel began January with 70 units of iron inventory that cost $25 each. During January, the company completed the following inventory transactions:

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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 January using FIFO, LIFO, and weighted-average inventory costing methods.
  5. Compute gross profit for January using FIFO, LIFO, and weighted-average inventory costing methods.
  6. If the business wanted to maximize gross profit, which method would it select?

 

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