eriodic and Perpetual Systems$$Calculating Ending Inventory and Cost of Sales Using Average Cost $($Moving Average$),$ FIFO, and LIFO

Undew Inc.$$s inventory records showed the following data for an item it sells regularly.

Date Units Unit Cost

Jan. $1$ Inventory $($beg$.)2,000$ $$10\mathrm{.}00$

Jan. $3$ Purchases $18,000$ $$10\mathrm{.}40$

Jan. $7$ Sales $($at $$26$ per unit$)7,000$

Jan. $20$ Purchases $6,000$ $$11\mathrm{.}00$

Jan. $22$ Sales $($at $$27$ per unit$)16,000$

Jan. $30$ Purchases $3,000$ $$12\mathrm{.}00$

a$.$ Assuming that Undew maintains a periodic inventory system, compute ending inventory and cost of goods sold for the month ending January $31$ using $(1)$ average cost, $(2)$ FIFO, and $(3)$ LIFO.

b$.$ Assuming that Undew maintains a perpetual inventory system, compute ending inventory and cost of goods sold for the month ending January $31$ using $(1)$ moving average, $(2)$ FIFO, and $(3)$ LIFO.

Average cost $($periodic$)$

FIFO $($periodic$)$

LIFO $($periodic$)$

Moving average $($perpetual$)$

FIFO $($perpetual$)$

LIFO $($perpetual$)$

$(1)$ Average cost method $($periodic$)$

Computation of Weighted Average Unit Cost

Numerator Denominator Result

Unit cost Answer

$0$

$-$: Answer

$0$

$=$

$$Note: Use the result EXACTLY as displayed above in the calculations below.

$$Note: Do not use negative signs with any of your answers.

$$ Note: Round your final answers to the nearest whole dollar.

Average Cost $($Periodic$)$

Cost of goods available for sale Answer

$0$

Ending Inventory Answer

$0$

Cost of goods sold Answer

$0$