Arizona Inc. uses the perpetual inventory system, and recorded the following data pertaining to raw material X during January 2018:

Units

Date Received Cost Issued On Hand

Jan 1 Inventory $4.50 3,200

Jan 11 Sale ($18) 1,600 1,600

Jan 15 Purchase 1,000 $4.70 2,600

Jan 17 Sale ($18) 1,100 1,500

Jan 25 Purchase 1,500 $4.90 3,000

Round your answer to two decimals.

Instructions:

1. Determine the cost of sales, gross profit and inventory value of raw material X inventory at January 31, 2018 using the moving-weighted average method.

2. Determine the cost of sales, gross profit and inventory value of raw material X inventory at January 31, 2018 using the average cost method.