Bobs Building uses a perpetual inventory system. As their accountant, Bobs provides you with the following information regarding their January inventory activity for your perusal and advice.

Required

1. Input Bobs data into a cost of goods sold model. What information is unknown?
2. Calculate the value of ending inventory and cost of goods sold using the FIFO, LIFO and moving average inventory costing methods. Round to two decimal places.
3. Calculate the sum of ending inventory and cost of goods sold for each method. What can be observed about the differences in ending inventory and COGS for each method?

(2) Extended exercise: Bob's Building uses a perpetual inventory system. As their accountant, Bob's provides you with the following information regarding their January inventory activity for your perusal and advice. Date Activity Units Unit cost ($) Total cost ($) 1st Balance 10 7.80 78.00 3rd Sale 7 9th Purchase 20 9.20 184.00 13th Sale 15 15th Sale 4 21st Purchase 10 10.50 105.00 25th Purchase 12 11.20 134.40 28th Sale 10 31 st Purchase 5 11.50 57.50 Required A. Input Bob's data into a cost of goods sold model. What information is unknown? B. Calculate the value of ending inventory and cost of goods sold using the FIFO, LIFO and moving average inventory costing methods. Round to two decimal places. C. Calculate the sum of ending inventory and cost of goods sold for each method. What can be observed about the differences in ending inventory and COGS for each method