Periodic and Perpetual Systems Calculating Ending Inventory and Cost of Sales using Average Cost, Moving Average, FIFO, LIFO, and Dollar-Value LIFO

The inventory records of Mod Oil Company for January 2020 showed the following data for an item of its merchandise for sale (assume that the six transactions occurred in the order shown).

Date	Units	Unit Cost	Total
Beginning inventory (Jan. 1)	900	$6.00	$5,400
Jan. 3 Purchases	1,080	6.10	6,588
Jan. 5 Sales (1,620 units)
Jan. 10 Purchases	1,080	6.20	6,696
Jan. 20 Sales (900 units)
Jan. 25 Purchases	720	6.30	4,536
Jan. 28 Sales (540 units)
Total available for sale	3,780		$23,220

Its ending inventory of 720 units can be specifically identified as follows: 180 units from the January 3 purchase, 90 units from the January 10 purchase, and 450 units from the January 25 purchase.

Compute ending inventory and cost of goods sold for the month ended January 31 using the methods indicated below.

• Round your final answer to the nearest whole dollar.
• Do not round per unit costs in your calculations.

e. Moving average (perpetual)	Answer	Answer
f. FIFO (perpetual)	Answer	Answer
g. LIFO (perpetual)	Answer	Answer
h. Dollar-value LIFO*	Answer	Answer

*Assume that the beginning inventory is the base layer at a cost of $6.00 per unit. The price index for January 2020 is 1.05.