Question
On January 1, the Abrams Company began business with the purchase of 250 units of inventory for $21,625. During the month, Abrams had the following
On January 1, the Abrams Company began business with the purchase of 250 units of inventory for $21,625. During the month, Abrams had the following inventory transactions: Date
Jan. 6 Purchased 100 units @ $75 per unit
11 Sold 200 units
17 Sold 85 units
24 Purchased 100 units @ $125 per unit
28 Purchased 50 units @ $110 per unit
30 Sold 100 units
Compute the cost of the inventory at the end of January under the following alternatives:
a. FIFO periodic
b. FIFO perpetual
c. LIFO periodic
d. LIFO perpetual
e. Weighted average (round unit costs to 2 decimal places)
f. Moving average (round unit costs to 2 decimal places)
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