Determine Cost of Good Sold and Ending Inventory using LIFO and FIFO method  

Date Jan. 1 Beginning inventory Jan. 11 Sales Jan. 15 Purchase Jan. 17 Sales Jan. 21 Purchase Jan. 23 Sales Totals Units purchased Cost of Goods Sold Perpetual FIFO: Calculate cost of goods sold for the January 11 sale of 450 units. Calculate cost of goods sold for the January 17 sale of 670 units. 560 Ending Inventory-Perpetual FIFO: 840 890 2,290 Cost per unit Total Cost Units Sold of Purchase $14 $7,840 17 19 Units Sold 450 Units in Ending Inventory. 14,280 16,910 $39,030 Total Cost of Goods Sold for January - 1,920 units Total Ending Inventory for January - 370 units units @ units @ units @ 450 670 800 1,920 Cost per unit Selling Price per unit Cost per unit $40 $40 $40 $14 per unit = $14 per unit = per unit = Total Sales www $18,000 26,800 32,000 $76,800 Cost of Goods Sold $6,300 Inventory Balance