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5 part question, please show work and explain! INVENTORY PROBLEM - CHAPTER 7 XYZ, Inc. buys and sells one product. The following information is available
5 part question, please show work and explain!
INVENTORY PROBLEM - CHAPTER 7 XYZ, Inc. buys and sells one product. The following information is available for transactions relating to this product during the month ending January 31 , Year 1. Beginning Inventory (January 1, Year 1): 800 units at $15 each Enaing inventory at January 31, Year 1 (per physical count): 1,000 units 1. Assuming that XYZ uses the FIFO cost flow assumption and a PERIODIC inventory system, calculate the value of the ending inventory and the cost of goods sold for the month ending January 31 , Year 1. Assuming that XYZ uses the LIFO cost flow assumption and a PERIODIC inventory system, calculate the value of the ending inventory and the cost of goods sold for the month ending January 31, Year 1. 3. Assuming that XYZ uses the average cost assumption and a PERIODIC inventory system, calculate the value of the ending inventory and the cost of goods sold for the month ending January 31 , Year 1 (round the weighted average per-unit cost to the nearest penny.) 4. Assuming that XYZ uses the LIFO cost flow assumption and a PERPETUAL inventory system, calculate the value of the ending inventory and the cost of goods sold for the month ending January 31 , Year 1. Assuming that XYZ uses the average cost assumption and a PERPETUAL inventory system, calculate the value of the ending inventory and the cost of goods sold for the month ending January 31 , Year 1 (round the weighted average per-unit costs to the nearest penny.)
5 part question, please show work and explain!
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