Lehigh Cycles uses a perpetual inventory system.

Can someone please help me solve this? I’m having difficulty understanding how to figure out what goes where. Any help is greatly appreciated!

  • Attachment 1
  • Attachment 2
  • Attachment 3
  • Attachment 4

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

Don't use plagiarized sources. Get Your Custom Essay on
Lehigh Cycles uses a perpetual inventory system.
Just from $13/Page
Order Essay
Order your essay today and save 20% with the discount code: GREEN

Order a unique copy of this paper

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
Top Academic Writers Ready to Help
with Your Research Proposal
Live Chat+1(978) 822-0999EmailWhatsApp

Order your essay today and save 20% with the discount code GREEN