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:

		Quantity		Unit Cost		Total Cost
Beginning Inventory (Jan. 1)		160		$60		$9,600
Purchase (Jan. 9)		80		65		5,200
Purchase (Jan. 21)		80		66		5,280
Total		320				$20,080

On January 24, Keaton sold 180 units of this product. The other 140 units remain in inventory at January 31. i.) Determine the cost of goods sold using each of the following flow assumptions:

LIFO = $______ ($10,900**) ( ** = my answer that was incorrect)

FIFO = $______ ($11,689**)

Average Cost = $11,295

ii.) Determine the cost of the 140 units in inventory at January 31 using each of the following flow assumptions:

LIFO = $______ ($9,180**)

FIFO = $______ ($8,400**)

Average Cost = $8,785