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Exercise 1 (45 points): John's company is dedicated to the wholesale of peanuts. The company uses a perpetual inventory system. On 1st of January the
Exercise 1 (45 points): John's company is dedicated to the wholesale of peanuts. The company uses a perpetual inventory system. On 1st of January the inventory showed a balance of 10,000 Kg of peanuts for a total value of $30,000 On January 5 the company purchased 12,000 kg of peanuts at a price of $3,5 per kg. On January 18 the company sold 11,000 Kg of peanuts at a price of $8 per kilogram. ON January 21 the company purchased 10,000 Kg of peanuts at $4 / Kg. 1.- Calculate the cost of the goods sold for the sale of January 18 relying on the average cost method (10 points). Calculate the inventory balance at January 31. (5 points) 2.- Calculate the cost of the goods sold for the sale of January 18 relying on the FIFO method(10 points). Calculate the inventory balance at January 31. (5 points) 3.- Calculate the cost of the goods sold for the sale of January 18relying on the LIFO method(10 points). Calculate the inventory balance at January 31. (5 points)
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