Assume that a retailer's beginning inveritory and purchases of a popular item during January included $(1)300$ units at $$7$ in beginning inventory on January $1,(2)450$ units at $$8$ purchased on January $8,$ and $(3)750$ units at $$9$ purchased on January $29.$ The company sold $350$ units on January $12$ and $550$ units on January $30.$

Skipped

Required:

Calculate the cost of goods sold for the month of January under $($a$)$ FIFO $($periodic calculation$),($b$)$ FIFO $($perpetual calculation$),$ and $($c$)$ LIFO $($periodic calculation$).$

Which cost flow assumption and calculation approach would you recommend to management in order to save taxes?

Complete this question by entering your answers in the tabs below.

Required $1$

Calculate the cost of goods sold for the month of January under $($a$)$ FIFO $($periodic calculation$),($b$)$ FIFO $($perpetual calculation$),$ and $($c$)$ LIFO $($periodic calculation$).$

Cost of Goods Sold

a$.$ FIFO $($periodic calculation$)$

b$.$ FIFO $($perpetual calculation$)$

c$.$ LIFO $($periodic calculation$)$

Assume that a retailer's beginning inveritory and purchases of a popular item during January included $(1)300$ units at $$7$ in beginning inventory on January $1,(2)450$ units at $$8$ purchased on January $8,$ and $(3)750$ units at $$9$ purchased on January $29.$ The company sold $350$ units on January $12$ and $550$ units on January $30.$

Skipped

Required:

Calculate the cost of goods sold for the month of January under $($a$)$ FIFO $($periodic calculation$),($b$)$ FIFO $($perpetual calculation$),$ and $($c$)$ LIFO $($periodic calculation$).$

Which cost flow assumption and calculation approach would you recommend to management in order to save taxes?

Complete this question by entering your answers in the tabs below.

Required $1$

Required $2$

Which cost flow assumption and calculation approach would you recommend to management in order to save taxes?

Which cost flow assumption and calculation approach would you recommend to management in order to save taxes?