Lannister Inc holds 12,000 units of inventory on January 1, 2017 Under FIFO (first in, first out) the inventory lot costs are Inventory Lot Date Units Cost Unit Total Cost H 12 13 2016 6,000 $120 $720,000 I 12 22 2016 6,000 $125 $750,000 Under LIFO (last in, first out) the same inventory has the following lot costs Inventory Lot Date Units Cost Unit Total Cost A 4 22 2012 2,000 $60 $120,000 F 10 15 2014 4,000 $84 $336,000 I 12 22 2016 6,000 $125 $750,000 Under average cost the same 12,000 inventory units have a total cost of $1,320,600 During January 2017, Lannister records the following transactions (in chronological order) Sells 7,000 units of inventory with revenue of $175 per unit Purchases 4,000 units of inventory at a cost of $130 per unit Sells 2,000 units of inventory with revenue of $180 per unit Purchases 3,000 units of inventory at a cost of $132 per unit Sells 2,000 units of inventory with revenue of $184 per unit Counts ending inventory units of 8,000 units on January 31 In answering the following questions, assume that Lannister uses a periodic inventory system Do not include a $ with any of your answers How many units of inventory did Lannister have available for sale during the month of January Using FIFO , what was Lannisters cost of goods available for sale (COGAS) for January Using FIFO , what was the value of Lannisters ending inventory on January 31, 2017 Using FIFO , what was Lannisters cost of goods sold (COGS) for January Using LIFO , what was Lannisters cost of goods available for sale (COGAS) for January Using LIFO , what was the value of Lannisters ending inventory on January 31, 2017 Using LIFO , what was Lannisters cost of goods sold (COGS) for January Using average cost, what was Lannisters cost of goods available for sale (COGAS) for January Based on your answer to h above, what was average cost per unit of inventory available for sale during January For this question only, round your answer to 3 decimal places (xx xxx) Using the rounded average cost value you computed in part i, what was the value of Lannisters ending inventory on January 31, 2017 Using your answers to h and j above, what was Lannisters cost of goods sold (COGS) for January using average cost If a company reports inventory value of $40,000 using LIFO , and its LIFO reserve is $25,000, what value for inventory would it have reported if it had used FIFO instead

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Lannister Inc. holds 12,000 units of inventory on January 1, 2017.

Under FIFO (first-in, first-out) the inventory lot costs are:

Under LIFO (last-in, first-out) the same inventory has the following lot costs:

Under average cost the same 12,000 inventory units have a total cost of $1,320,600.

During January 2017, Lannister records the following transactions (in chronological order):

In answering the following questions, assume that Lannister uses a periodic inventory system. Do not include a $ with any of your answers.

How many units of inventory did Lannister have available for sale during the month of January?
Using FIFO, what was Lannisters cost of goods available for sale (COGAS) for January?
Using FIFO, what was the value of Lannisters ending inventory on January 31, 2017?
Using FIFO, what was Lannisters cost of goods sold (COGS) for January?
Using LIFO, what was Lannisters cost of goods available for sale (COGAS) for January?
Using LIFO, what was the value of Lannisters ending inventory on January 31, 2017?
Using LIFO, what was Lannisters cost of goods sold (COGS) for January?
Using average cost, what was Lannisters cost of goods available for sale (COGAS) for January?
Based on your answer to h above, what was average cost per unit of inventory available for sale during January? For this question only, round your answer to 3 decimal places (xx.xxx) .
Using the rounded average cost value you computed in part i, what was the value of Lannisters ending inventory on January 31, 2017?
Using your answers to h and j above, what was Lannisters cost of goods sold (COGS) for January using average cost?
If a company reports inventory value of $40,000 using LIFO, and its LIFO reserve is $25,000, what value for inventory would it have reported if it had used FIFO instead?