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Northhills Super Save uses a perpetual inventory system and reports the following transactions for the...

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Accounting

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Northhills Super Save uses a perpetual inventory system and reports the following transactions for the month of December for one of its products: Units 6 4 Date December 1 December 6 December 11 December 24 December 26 December 31 Explanation Beginning inventory Purchase Sale Purchase Purchase Sale 7 12 Cost/Price $40.00 42.00 100.00 43.40 44.00 100.00 5 10 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. c.) Prepare journal entries for December 26 and December 31 under all methods

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