2. Undew Inc.s inventory records showed the following data for an item it sells regularly.

Date	Units	Unit Cost
Jan. 1 Inventory	1,600	$10.00
Jan. 3 Purchases	14,400	$10.40
Jan. 7 Sales (at $26 per unit)	5,600
Jan. 20 Purchases	4,800	$11.00
Jan. 22 Sales (at $27 per unit)	12,800
Jan. 30 Purchases	2,400	$12.00

a. Assuming that Undew maintains a periodic inventory system, compute ending inventory and cost of goods sold for the month ending January 31 using (1) average cost, (2) FIFO, and (3) LIFO. Note: Carry all decimals in calculations; round the final answer to the nearest dollar.

Periodic Inventory System	Ending Inventory	COGS
1. Average cost method.	Answer	Answer
2. FIFO method.	Answer	Answer
3. LIFO method.	Answer	Answer

b. Assuming that Undew maintains a perpetual inventory system, compute ending inventory and cost of goods sold for the month ending January 31 using (1) moving average, (2) FIFO, and (3) LIFO. Note: Carry all decimals in calculations; round the final answer to the nearest dollar.

Perpetual Inventory System	Ending Inventory	COGS
1. Moving average method.	Answer	Answer
2. FIFO method.	Answer	Answer
3. LIFO method.	Answer	Answer

3. Periodic and Perpetual SystemsCalculating Ending Inventory and Cost of Sales using Average Cost and Moving Average

The inventory records of Urban Inc. show the following data for its merchandise inventory.

Date	Units	Unit Cost
Jan 1 Inventory	24	$38.00
Jan 3 Purchase	36	40.00
Jan 7 Sale	40
Jan 10 Purchase	40	41.60
Jan 20 Sale	40
Jan 30 Purchase	40	43.20

Required

Compute cost of goods sold and ending inventory for the month ending June 30 using the average cost method (periodic inventory system) and the moving average method (perpetual inventory system).

Note: Round unit costs used in your calculations to two digits after the decimal; for example, use a rate of $1.42 for $1.424 or use a rate of $1.43 for $1.425.

Note: Round your final answers below to the nearest whole dollar.

	Ending Inventory	COGS
a. Average cost (periodic inventory system)	Answer 2461.8	Answer 3282.4
b. Moving average (perpetual inventory system)	Answer	Answer