Can someone please help me solve this? I’m having difficulty understanding how to figure out what goes where. Any help is greatly appreciated!
Lehigh Cycles uses a perpetual inventory system. Information related to cycles in begiininginventory, purchased and sold during January is shown below:SellingCost per priceCycles unit per unitOn January 1, Lehigh Cycles started the year with: 15 145.92On January 9, we purchased: 30 156.89On January 12, we sold: 29On January 19, we purchased: 35 186.09On January 21, we sold: 32 Required:Using the inventory records supplied, prepare Lehigh Cycles perpetual inventory record usingthe following methods: 1. First in, First out (FIFO) 2. Last in, First out (LIFO) 2. Weighted average* Complete the forms to the right. Make sure you show your amounts for ending inventory in dollars, total sales, cost of goodssold and gross profit for each method