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Below is the activity (purchases and Sales) for inventory held by Random Creations for the month of January 2020: Beginning Inventory: January 1, 2020, 80
Below is the activity (purchases and Sales) for inventory held by Random Creations for the month of January 2020:
Beginning Inventory: January 1, 2020, 80 Units @ $50 per unit Total $ 4,000
Purchases: January 18, 2020, 40 Units @ $51 per unit Total $ 2,040
January 28, 2020, 40 Units at $52 per unit Total $ 2,080
Sales: January 12, 2020, Sold 30 Units
January 22, 2020, Sold 30 Units
January 31, 2020, Sold 45 Units
- Compute the January 31, 2020, Ending Inventory and Cost of Goods Sold assuming Random Creations uses LIFO and the Periodic System
- Compute the January 31, 2020, Ending Inventory and Cost of Goods Sold assuming Random Creations uses Average Cost and the Perpetual System
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