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April Inc. maintains a perpetual inventory system and recorded the following information for the month of January. Date Units Unit Cost Inventory, January 1 760
April Inc. maintains a perpetual inventory system and recorded the following information for the month of January.
Date | Units | Unit Cost |
---|---|---|
Inventory, January 1 | 760 | $10.50 |
Purchase, January 10 | 320 | 12.00 |
Purchase, January 20 | 160 | 13.25 |
Purchase, January 28 | 480 | 14.00 |
Sale, January 5 | 400 | |
Sale, January 13 | 160 | |
Sale, January 31 | 256 | |
Inventory, January 31 | 904 |
Required
Compute ending inventory and cost of goods sold for the month ending January 31 using the method indicated below.
Note: Round your final answers to the nearest dollar.
Note: Do not round costs per unit in your calculations.
Ending Inventory | COGS | |
---|---|---|
1. Moving average method. | ||
2. FIFO method. | ||
3. LIFO method. |
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