can you do these thank you so much and LIFO method for last one LIFO METHOD PURCHASED SOLD BALANCEUTSCOSTTOTUTSCOSTTOTUTSCOSTTOT **Educational Website Transcription:**---**SouBec, Inc. Inventory Transactions Educational Overview**SouBec, Inc. is a distributor of linseed oil, which is essential in the manufacture of paint. The company procures linseed oil in bulk from several crushing plants. As of the start of September, SouBec had an inventory of 25,000 gallons of linseed oil stored at its tank farm, initially acquired from one crushing plant at a cost of $3.00 per gallon.**September Transactions:**- **9/3/XX:** Purchased 10,000 gallons at $3.25/gallon.- **9/8/XX:** Purchased 15,000 gallons at $3.50/gallon.- **9/10/XX:** Purchased 5,000 gallons at $3.60/gallon.- **9/11/XX:** Sold 22,000 gallons to a paint manufacturer at $5.00/gallon.- **9/12/XX:** Purchased 20,000 gallons at $3.75/gallon.- **9/22/XX:** Purchased 5,000 gallons at $3.80/gallon.- **9/30/XX:** Sold 28,000 gallons at $5.20/gallon.**Requirements:**a. Complete the perpetual inventory record using the FIFO method for the above transactions.b. Record the required journal entry on 9/8/XX using the FIFO method.c. Record the required journal entry on 9/11/XX using the FIFO method.d. Complete the perpetual inventory record using the LIFO method for the above transactions.**Perpetual Inventory Record Format:**| DATE | ACCOUNT | DR | CR ||----------|---------|-----|-----|| | | | || | | | || | | | |This educational content outlines how to manage inventory using FIFO (First-In, First-Out) and LIFO (Last-In, First-Out) methods. It also covers the process for recording transactions in journal entries, essential knowledge for students in accounting or business courses.--- **FIFO Method Inventory Table Explanation**This table is designed to track inventory using the FIFO (First-In, First-Out) accounting method, which is commonly used in inventory management and accounting to determine the cost of goods sold and ending inventory.**Table Structure:**1. **Columns:** - The table is divided into three main sections: **Purchased**, **Sold**, and **Balance**. - Each section has three sub-columns: **UTS** (Units), **COST**, and **TOT** (Total).2. **Purchased Section:** - **UTS**: Number of units purchased. - **COST**: Cost per unit. - **TOT**: Total cost for the units (calculated as Units x Cost).3. **Sold Section:** - **UTS**: Number of units sold. - **COST**: Cost per unit for the sold units (typically determined by using the cost of the oldest inventory on hand). - **TOT**: Total revenue or cost for the sold units.4. **Balance Section:** - **UTS**: Remaining units in inventory after sales. - **COST**: Cost per unit of the remaining inventory (might vary depending on the purchases and sales). - **TOT**: Total cost of the remaining inventory.**Purpose:**- This table helps in tracking the flow of inventory in and out of an organization.- The FIFO method ensures that the oldest inventory costs are used up first, which might impact financial statements, especially in times of fluctuating prices.**Application:**- Can be used in spreadsheets for educational simulations in accounting classes.- Helps students understand the impact of different inventory accounting methods on financial outcomes.**Note:**- Ensure detailed data entry with accurate cost tracking to maintain the integrity of the accounting process.

There are two inventory systems i.e., a periodic inventory system and a perpetual inventory system.…

Saabo, Inc. is a distributor of linseed oil which is used in the manufacture of paint. The company buys linseed oil in bulk from a number of different linseed crushing plants. At the beginning of month of September the company had 25,000 gallons of linseed oil stored in its tank farm. The linseed oil was purchased from one crushing plant at a cost of $3.00. During the month of September the company purchased additional linseed oil and sold linseed oil as follows. 9/3/XX purchased 10,000 gallons of linseed oil at $3.25 per gallon. 9/8/XX purchased 15,000 gallons of linseed oil at $3.50 per gallon 9/10/XX purchased 5,000 gallons of linseed oil at $3.60 per gallon. 9/11/XX sold 22,000 gallons to a paint manufacture for $5.00 per gallon. 9/12/XX purchased 20,000 gallons of linseed oil at $3.75 per gallon. 9/22/XX purchased 5,000 gallons of linseed oil at $3.80 per gallon. 9/30/XX sold 28,000 gallons of linseed oil for $5.20. Required: DATE a. Complete the perpetual inventory record (provided) for the above transactions using FIFO b. Make the required journal entry on 9/8/XX for the FIFO method. c. Make the required journal entry on 9/11/XX for the FIFO method. d. Complete the perpetual inventory record (provided) for the above transactions using LIFO ACCOUNT DR CR

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q