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7-1B FIFO, LIFO and Weighted Average Inventory Records Riverside Inc. uses a perpetual inventory...

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7-1B FIFO, LIFO and Weighted Average Inventory Records Riverside Inc. uses a perpetual inventory system and reports the following transactions for the month of July: Units 12 8 Date July 1 July 4 July 9 July 17 July 21 July 31 Explanation Beginning inventory Purchase Purchase Sale Purchase Sale u oo 5 23 6 7 Cost/Price $100.00 103.00 104.00 400.00 107.00 400.00 Required: a.) Prepare inventory records using: i. The FIFO method ii. The LIFO method iii. The weighted average method b.) Under each of the methods you prepared in part a.) above, compute Sales, Cost of Goods Sold and Gross Profit

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