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2. Shown below is activity for one of the products of Innodine: January 1 balance, 240 units at $54 for a total of $12,960
2. Shown below is activity for one of the products of Innodine: January 1 balance, 240 units at $54 for a total of $12,960 Purchases Sales: January 10-210 units at $45 January 20-420 units at $52 January 12-375 units January 28-435 units a. Compute the ending inventory and cost of goods sold assuming Innodine uses FIFO. b. Compute the ending inventory and cost of goods sold assuming Innodine uses LIFO and a perpetual inventory system. c. Compute the ending inventory and cost of goods sold assuming Innodine uses average cost and a perpetual inventory system. d. Compute the ending inventory and cost of goods sold assuming Innodine uses LIFO and a periodic inventory system. e. Compute the ending inventory and cost of goods sold assuming Innodine uses average cost and a periodic inventory system.
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