Use the data table below to prepare a perpetual inventory record using, FIFO, LIFO, and weighted-average inventory 4 costing methods, and determine cost of goods sold and ending merchandise inventory for each method. Format weighted average unit cost and total cost to display two decimal places.dataDateDescription UnitsPer UnitJan 1Inventory on hand5,000$11Jan 3purchase9,000$13Jan 6sale8,500$23Jan 15purchase13,000$15Jan 22sale12,000$23make sure to use dollars signs and format number to 2 decimal places. Use the images of the FIFO and LIFO to show how to prepare them. The image shows a spreadsheet designed to track inventory using the LIFO (Last In, First Out) method. It is organized into several columns under three main sections: Purchases, COGS (Cost of Goods Sold), and Inventory on Hand.### Columns:#### Purchases:- **Date**: Lists dates (e.g., Jan 1, Jan 3, Jan 6, etc.) for each transaction or inventory check.- **Quantity**: Number of units purchased.- **Unit Cost**: Cost per unit of the purchased inventory.- **Total Cost**: Total purchase cost, calculated by multiplying quantity by unit cost.#### COGS:- **Quantity**: Number of units sold.- **Unit Cost**: Cost per unit of the sold inventory.- **Total Cost**: Total cost of goods sold, calculated by multiplying quantity by unit cost.#### Inventory on Hand:- **Quantity**: Number of units remaining in inventory after sales.- **Unit Cost**: Cost per unit of inventory on hand.- **Total Cost**: Total cost of remaining inventory.### Additional Features:- **Total**: A row at the bottom of the sheet designed to sum up each column, providing overall totals for quantities and costs.- **Weighted-Average (c)**: A note indicating another method of inventory accounting, not shown in detail in the image. This suggests an alternative calculations section exists outside the visible area.This layout is typically used in accounting and business classes to teach inventory management techniques, ensuring students learn how to maintain accurate and efficient tracking of inventory costs and quantities using the LIFO method. The image depicts a spreadsheet set up for tracking inventory using the FIFO (First-In, First-Out) method. The spreadsheet consists of several columns to document purchases, costs of goods sold (COGS), and inventory on hand.### Spreadsheet Structure:#### Columns:1. **Date** - Lists the dates for recording transactions. 2. **Purchases:** - **Quantity**: Number of units purchased. - **Unit Cost**: Cost per single unit. - **Total Cost**: Overall cost for the purchased quantity.3. **COGS:** - **Quantity**: Number of units sold. - **Unit Cost**: Cost per single unit sold (historical cost per FIFO). - **Total Cost**: Overall cost of goods sold, calculated by multiplying the quantity by the unit cost.4. **Inventory on Hand:** - **Quantity**: Number of units remaining in inventory. - **Unit Cost**: Cost per unit still in inventory. - **Total Cost**: Total cost of inventory on hand.#### Rows:- Dates recorded are January 1, 3, 6, 15, and 22. Each date has a corresponding row where transactions are recorded.- There are no data entries in the fields; it appears to be a template for entering inventory data.#### Tabs at the Bottom:- **Instructions**: Likely contains guidelines or notes for using the spreadsheet.- Answer tabs, marked as "ENTERANSWERS1", "ENTERANSWERS2a", "ENTERANSWERS2b", "ENTERANSWERS2c", possibly for entering computed answers or exercise tasks.This spreadsheet is a tool for educational purposes, teaching the principles of inventory management and costing using FIFO methodology.

FIFODatePurchaseCOGSInventory on handQuantity Unit CostTotalQuantity Unit CostTotalQuantity Unit…

Answered: the data table below to prepare a…

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q