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Monomaniacs Inc. makes use of a perpetual inventory system for the goods it sells. During January 2021, the following transactions took place: Date January 2 January 5 January 9 January 18 January 24 January 30 Type of Transaction Beginning Inventory Purchase Sale Purchase Sale Purchase Number of Units 60 52 55 50 56 57 Amount Per Unit $55.00 $56.00 $105.00 $57.00 $105.00 $58.00 Required: Use the information above to produce a 9-column perpetual inventory. schedule of merchandise activity in January, 2022. When complete, circle or highlight the ending inventory, as well as the cost of goods sold for each of the two tables you will complete, based on the following perpetual methods: a) LIFO b) Moving Average

Monomaniacs Inc. makes use of a perpetual inventory system for the goods it sells. During January 2021, the following transactions took place: Date January 2 January 5 January 9 January 18 January 24 January 30 Type of Transaction Beginning Inventory Purchase Sale Purchase Sale Purchase Number of Units 60 52 55 50 56 57 Amount Per Unit $55.00 $56.00 $105.00 $57.00 $105.00 $58.00 Required: Use the information above to produce a 9-column perpetual inventory. schedule of merchandise activity in January, 2022. When complete, circle or highlight the ending inventory, as well as the cost of goods sold for each of the two tables you will complete, based on the following perpetual methods: a) LIFO b) Moving Average

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 9RE: RE7-8 Johnson Company uses a perpetual inventory system. On October 23, Johnson purchased 100,000 of...
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Monomaniacs Inc. makes use of a perpetual inventory system for the goods it sells. During January 2021, the following transactions took place: Date January 2 January 5 January 9 January 18 January 24 January 30 Type of Transaction Beginning Inventory Purchase Sale Purchase Sale Purchase Number of Units 60 52 55 50 56 57 Amount Per Unit $55.00 $56.00 $105.00 $57.00 $105.00 $58.00 Required: Use the information above to produce a 9-column perpetual inventory. schedule of merchandise activity in January, 2022. When complete, circle or highlight the ending inventory, as well as the cost of goods sold for each of the two tables you will complete, based on the following perpetual methods: a) LIFO b) Moving Average
Transcribed Image Text:Monomaniacs Inc. makes use of a perpetual inventory system for the goods it sells. During January 2021, the following transactions took place: Date January 2 January 5 January 9 January 18 January 24 January 30 Type of Transaction Beginning Inventory Purchase Sale Purchase Sale Purchase Number of Units 60 52 55 50 56 57 Amount Per Unit $55.00 $56.00 $105.00 $57.00 $105.00 $58.00 Required: Use the information above to produce a 9-column perpetual inventory. schedule of merchandise activity in January, 2022. When complete, circle or highlight the ending inventory, as well as the cost of goods sold for each of the two tables you will complete, based on the following perpetual methods: a) LIFO b) Moving Average
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