Periodic and Perpetual SystemsCalculating Ending Inventory and Cost of Sales using Average Cost (Moving Average), FIFO, and LIFO

Undew Inc.'s inventory records showed the following data for an item it sells regularly.

DateUnitsUnit CostJan 1Inventory4,000$10.00Jan 3Purchases36,00010.40Jan 7Sales (at $26 per unit)14,000Jan 20Purchases12,00011.00Jan 22Sales (at $27 per unit)32,000Jan 30Purchases6,00012.00a. Assuming that Undew maintains a periodic inventory system, compute ending inventory and cost of goods sold for the month-ended January 31 using (1) average cost, (2) FIFO, and (3) LIFO.

Note:Round your final answers only to the nearest dollar.

Note:Donotround the cost per unit amounts in your calculations.

Periodic Inventory SystemEnding InventoryCOGS1. Average cost method.AnswerAnswer2. FIFO method.AnswerAnswer3. LIFO method.AnswerAnswerb. Assuming that Undew maintains a perpetual inventory system, compute ending inventory and cost of goods sold for the month-ended January 31 using (1) moving average, (2) FIFO, and (3) LIFO.

Note:Round your final answers only to the nearest dollar.

Note:Donotround the cost per unit amounts in your calculations.

Perpetual Inventory SystemEnding InventoryCOGS1. Moving average method.AnswerAnswer2. FIFO method.AnswerAnswer3. LIFO method.AnswerAnswer