Accounting for inventory using the perpetual inventory

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Accounting for inventory using the perpetual inventory system-

FIFO, LIFO and the weighted average Fit world began January with merchandise inventory of 80 crates of vitamins that cost a total of $4,000. During the month, Fit world purchased and sold merchandise on the account as follows. Jan 5. Purchase 140 crates @ 55$ each 13 Sale 160 crates @ 100 $ each 18 Purchase 160 crates @ 60$ each 26 Sale 170 crates @110 $ each Requirement 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.

Reference no: EM13949435

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