Inventory Scenarios ch 7 - Inventory Costing Methods FIFO and LIFO(Scenarios 1 thru 4 and Weighted Average(Scenarios 1 and 4 For each of the

Inventory Scenarios ch 7 - Inventory Costing Methods...

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Inventory Costing MethodsFIFO and LIFO (Scenarios 1 thru 4) and Weighted Average (Scenarios 1 and 4)For each of the following scenarios, assume that the business maintains a perpetual inventory system. Determine the cost of merchandise sold for each sale and the inventory balance after each transaction. Use the Excel Templates. Scenario 1 Date Explanation Units Cost/Price January 1 Beginning inventory 200 $25.00 January 5 Purchase 50 24.00 January 8 Purchase 110 23.00 January 15 Sale 260 65.00 January 21 Purchase 150 20.00 January 30 Sale 125 65.00 Scenario 2 Date Explanation Units Cost/Price April 1 Beginning inventory

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