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(d) Inventory Calculations Keaton Accessories uses a perpetual inventory system. The company's beginning inventory of a particular product and its purchases during the month of
(d) Inventory Calculations Keaton Accessories uses a perpetual inventory system. The company's beginning inventory of a particular product and its purchases during the month of January were as follows: Beginning Inventory (Jan. 1) Purchase (Jan. 9) Purchase (Jan. 21) Total Quantity Unit Cost Total Cost 160 $40 $6,400 80 453,600 80 46 3,680 320 $13,680 On January 24, Keaton sold 180 units of this product. The other 140 units remain in inventory at January 31. 1.) Determine the cost of goods sold using each of the following flow assumptions: LIFO FIFO Average Costa ii.) Determine the cost of the 140 units in inventory at January 31 using each of the following flow assumptions: LIFO FIFO Average Cost Click if you would like to Show Work for this question: Open Show Work
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