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Accounting Calculate Moving Average, LIFO, and FIFO using a Perpetual Inventory System. I need help with these questions please. Thank you! 2. Jasper Inc. uses
Accounting Calculate Moving Average, LIFO, and FIFO using a Perpetual Inventory System. I need help with these questions please. Thank you!
2. Jasper Inc. uses a perpetual inventory system and had the following activity for a single inventory item: Units Unit Cost Total Cost August 1, inventory 500 $2.50 $1,250.00 Purchases: August 5 250 3.50 875.00 August 10 175 4.50 787.50 August 15 100 5.50 550.00 Sales: August 11 550 August 19 375 Products were all sold at $10 each. All sales and purchases are on account with a credit term of 30 days. Besides the information above, no additional sales or purchases for the month of August. Required: Using the perpetual system, determine the ending inventory and cost of goods sold under: a) Moving Average (round unit cost to nearest cent) (3) a) Date Calculation (Show work) August 11 (sale) COGS on Sale (ANS) August 19 (sale) TOTAL COGS $ Calculation for Ending Inventory value ANS $ b) LIFO (3) Date August 11 (sale) Calculation (Show work) COGS on Sale (ANS) August 19 (sale) TOTAL COGS $ ANS Calculation for Ending Inventory value $ c) FIFO (3) Date August 11 (sale) Calculation (Show work) COGS on Sale (ANS) August 19 (sale) TOTAL COGS $ Calculation for Ending Inventory value ANS $Step by Step Solution
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