Accounting Assignment - FIFO, LIFO, and Average Costing Methods

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Module 08

Module 8
Cascade Inc. completed the following inventory transactions during the month of September:
Date Item Quantity Unit Cost
1-Sep Balance 25 $80
4-Sep Purchase 40 $78
12-Sep Sale 52
22-Sep Purchase 30 $77
Sep-31 Sale 22
Requirements:
1 Prepare a perpetual inventory record using FIFO
Purchases Cost of Goods Sold Inventory on Hand
Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost
2 Prepare a perpetual inventory record using LIFO
Purchases Cost of Goods Sold Inventory on Hand
Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost
3 Prepare a perpetual inventory record using average cost
Purchases Cost of Goods Sold Inventory on Hand
Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost