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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: inventory Lot Date Units Cost/Unit Total Cost H 12/13/2016 6,000 $120 $720,000 1 12/22/2016 6.000 5125 $750,000 Under LIFO flast.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 1 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 5 with any of your answers. a. How many units of Inventory did Lannister have available for sale during the month of January? b. Using FIFO what was Lannister's cost of goods available for sale (COGAS) for January? c. Using FIFO what was the value of Lannister's ending inventory on January 31, 2017? d. Using Fifo. what was Lannister's cost of goods sold (COGS) for January e. Using LIFO what was Lannister's cost of goods available for sale (COGAS) for January? 1. Using LIFO what was the value of Lannister's ending inventory on January 31, 20177 $84 As in problem 1 above. Lannister Inc. holds 12,000 units of inventory on January 1, 2017, which have the following costs using LIFO (last-in, first-out): Inventory Lot Date Units Cost/Unit Total Cost A 4/22/2012 2.000 $60 $120.000 F 10/15/2014 4.000 $336.000 1 12/22/2016 6.000 $125 $750.000 During January 2017, Lannister records the following transactions: Sells 7.000 units on January 3. Purchases 4.000 units on January 10 at a cost of $130 per unit Sells 2.000 units on January 12 Purchases 3.000 units on January 18 at a cost of $132 per unit. Sells 2.000 units on January 25. In answering the following questions, assume that Lannister uses a perpetual LIFO Inventory system. Do not include a 5 with any of your answers, a. Using perpetual LiFo what was Lannisters cost of goods sold (COGS) for the sale that occurred on January 3? b. Using perpetual LIFO what Lannister's cost of goods sold (COGS) for the sale that occurred on January 127 c. Using perpetual LiFo what was Lannister's cost of goods sold (COGS) for the sale that occurred on January 25? d. Using perpetual LIFO what was cost of goods sold (COGS) for the month of January, 20172 e compared to your result using periodic LIFO in question 1, Is Lannister's LIFO COGS for January 2017 higher or lower using the perpetual system Enter HorL 1. True or false: LIFO COGS may be higher using a perpetual inventory system than a periodic system when inventory costs are steadily increasing over time. Entert or F