Requirement 4. Prepare a perpetual inventory record using average cost. Round average cost per unit to the nearest cent and all other amounts to the nearest dollar.Start by entering the opening inventory balance. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of inventory purchased, sold, and on hand at the end of the period. (Round average cost per unit to the nearest cent and all other amounts to the nearest dollar.PurchasesCost of goods soldInventory on handUnitTotalUnitTotalUnitTotalDateQtyCostCostQtyCostCostQtyCostCostMar1Mar4Mar12Mar22Mar31Total Laptop Industries, Inc., completed the following inventory transactions during the month of March:E (Click the icon to view the transactions.)Read the requirements....Requirement 1. Without resorting to calculations, determine which inventory method will result in Laptop Industries, Inc., paying the lowest income taxes.In times ofinventory prices, as is the case here, themethod will result in Laptop Industries, Inc., paying the lowest income taxes.Requirement 2. Prepare a perpetual inventory record using FIFO.Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of inventory purchased, sold, and on hand at the end of the period. (For cost of goods sold, enter the first layer out under FIFO costing first. For inventory onhand, enter the oldest inventory layer first.)PurchasesCost of goods soldInventory on handData tableRequirementsUnitTotalUnitTotalUnitTotalDateQtyCostCostQtyCostCostQtyCostCostMarQuantity1. Without resorting to calculations, determine which inventory method will result inLaptop Industries, Inc., paying the lowest income taxes.DateItemUnit CostMar4Mar1 Balance25 $802. Prepare a perpetual inventory record using FIFO.4 Purchase50 $783. Prepare a perpetual inventory record using LIFO.Mar1212 Sale524. Prepare a perpetual inventory record using average cost. Round average cost perunit to the nearest cent and all other amounts to the nearest dollar.22 Purchase37 $77Mar2231 Sale35MarPrintDonePrintDoneTotalRequirement 3. Prepare a perpetual inventory record using LIFO.Start by entering the opening inventory balance. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of inventory purchased, sold, and on hand at the end of the period. (For cost of goods sold, enter the first layer out under LIFO costing first. For inventory on hand,enter the oldest inventory layer first.)PurchasesCost of goods soldInventory on handUnitTotalUnitTotalUnitTotalDateQtyCostCostQtyCostCostQtyCostCostMar1MarMar12Mar22Mar31Total31

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Answered: 4 12 22 opening inventory balance.…

4 12 22 opening inventory balance. Enter the fansactions Cost of goods sold Unit Cost Purchases Unit Oty Cost Total Cost Cost Inventory on hand Qty Cost Total

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 6PB: Data on the physical inventory of Katus Products Co. as of December 31 follow: Quantity and cost...

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Reese Manufacturing Company manufactures and sells a limited line of products made to customer order. The company uses a perpetual inventory system and keeps its accounts on a calendar year basis. A 6-column spreadsheet is presented on page 1100. Additional information needed to prepare the income statement and schedule of cost of goods manufactured is as follows: REQUIRED 1. Prepare an income statement and schedule of cost of goods manufactured for the year ended December 31,20--. 2. Prepare a statement of retained earnings for the year ended December 31,20--. 3. Prepare a balance sheet as of December 31, 20--. 4. Prepare the adjusting, closing, and reversing entries.