Question
Hello! Need help with this problem, LIFO, FIFO, WA and Periodic vs. Perpetual confusing me - could you show process too? Thanks!! 4. Metro Mart
Hello! Need help with this problem, LIFO, FIFO, WA and Periodic vs. Perpetual confusing me - could you show process too? Thanks!!
4. Metro Mart Co. sells one product. Presented below is information for January 2022 for Metro.
Date 1/1/22 Inventory 100 units at $5 each 1/4/22 Sale 80 units at $8 each 1/11/22 Purchase 150 units at $6 each 1/13/22 Sales 120 units at $8.50 each 1/20/22 Purchase 150 units at $7 each 1/27/22 Sales 100 units at $9 each
Compute the following costs:
1) Cost of goods sold under weighted average cost (periodic).
2) Cost of ending inventory under FIFO (periodic).
3) Cost of goods sold under LIFO (periodic)
4) Cost of ending inventory under moving average (perpetual).
5) Cost of goods sold under FIFO (perpetual).
6) Cost of goods sold under LIFO (perpetual).
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