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Question: Accounting for inventory using the perpetual inventory system-FIFO, LIFO, and weighted-average Athletic World began July with merchandise inventory of 68 crates of vitamins that cost a total of $4,080. During the month, Athletic World purchased and sold merchandise on account as follows:

Requirements: 1. Prepare a perpetual inventory record, using the FIFO inventory costing method, and determine goods sold, ending merchandise inventory, and gross profit.

2. Prepare a perpetual inventory record, using the LIFO inventory costing method, and determine goods sold, ending merchandise inventory, and gross profit.

3. Prepare a perpetual inventory record, using the weighted-average inventory costing method, company's cost of goods sold, ending merchandise inventory, and gross profit. (Round weight to the nearest cent and all other amounts to the nearest dollar.)

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Basic Finance, Finance

Category:- Basic Finance
Reference No.:- M92643663

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