Periodic and Perpetual Systems-Calculating 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. Date Jan. 1 Inventory (beg.) Jan. 3 Purchases Jan. 7 Sales (at $26 per unit) Jan. 20 Purchases Units Unit Cost 4,800 $10.00 43,200 $10.40 16,800 14,400 $11.00 Jan. 22 Sales (at $27 per unit) 38,400 Jan. 30 Purchases 7,200 $12.00 a. Assuming that Undew maintains a periodic inventory system, compute ending inventory and cost of goods sold for the month ending January 31 using (1) average cost, (2) FIFO, and (3) LIFO. b. Assuming that Undew maintains a perpetual inventory system, compute ending inventory and cost of goods sold for the month ending January 31 using (1) moving average, (2) FIFO, and (3) LIFO. Average cost (periodic) FIFO (periodic) LIFO (periodic) Moving average (perpetual) FIFO (perpetual) LIFO (perpetual) (1) Average cost method (periodic) Computation of Weighted Average Unit Cost Numerator Denominator Unit cost $ 742,080 69,600 = $ Result 10.66 Note: Use the result EXACTLY as displayed above in the calculations below. Note: Do not use negative signs with any of your answers. Note: Round your final answers to the nearest whole dollar. a. Assuming that Undew maintains a periodic inventory system, compute ending inventory and cost of goods sold for the month ending January 31 using (1) average cost, (2) FIFO, and (3) LIFO. b. Assuming that Undew maintains a perpetual inventory system, compute ending inventory and cost of goods sold for the month ending January 31 using (1) moving average, (2) FIFO, and (3) LIFO. Average cost (periodic) FIFO (periodic) LIFO (periodic) Moving average (perpetual) FIFO (perpetual) LIFO (perpetual) (1) Average cost method (periodic) Computation of Weighted Average Unit Cost Numerator Denominator Result Unit cost $ 742,080 69,600 = $ 10.66 Note: Use the result EXACTLY as displayed above in the calculations below. Note: Do not use negative signs with any of your answers. Note: Round your final answers to the nearest whole dollar. Average Cost (Periodic) Cost of goods available for sale $ Ending Inventory Cost of goods sold 742,080 672,480 x $ 672,480 x Date Jan. 1 Inventory (beg.) Jan. 3 Purchases Jan. 7 Sales (at $26 per unit) Jan. 20 Purchases Units Cost 4,800 $10.00 43,200 $10.40 16,800 14,400 $11.00 Jan. 22 Sales (at $27 per unit) 38,400 Jan. 30 Purchases 7,200 $12.00 a. Assuming that Undew maintains a periodic inventory system, compute ending inventory and cost of goods sold for the month ending January 31 using (1) average cost, (2) FIFO, and (3) LIFO. b. Assuming that Undew maintains a perpetual inventory system, compute ending inventory and cost of goods sold for the month ending January 31 using (1) moving average, (2) FIFO, and (3) LIFO. Average cost (periodic) FIFO (periodic) LIFO (periodic) Moving average (perpetual) FIFO (perpetual) LIFO (perpetual) (3) LIFO Method (periodic) Note: Do not use negative signs with any of your answers. LIFO Method (Periodic): Computation of Ending Inventory Units Cost per Unit Total Cost Jan. 1 Jan. 3 4,800 48,000 $10.00 $ $10.40 $ 48,000 499,200 Jan. 20 0 $11.00 $ 0 Jan. 30 0 $12.00 $ 0 $ 547,200 LIFO (periodic) Cost of goods available for sale $ Ending Inventory Cost of goods sold 742,080 165,600 x $ 582,720 X Jan. 22 Sales (at $27 per unit) 38,400 Jan. 30 Purchases 7,200 $12.00 a. Assuming that Undew maintains a periodic inventory system, compute ending inventory and cost of goods sold for the month ending January 31 using (1) average cost, (2) FIFO, and (3) LIFO. b. Assuming that Undew maintains a perpetual inventory system, compute ending inventory and cost of goods sold for the month ending January 31 using (1) moving average, (2) FIFO, and (3) LIFO. Average cost (periodic) FIFO (periodic) LIFO (periodic) Moving average (perpetual) FIFO (perpetual) LIFO (perpetual) (1) Moving Average (perpetual) Note: Enter the answers for unit cost in dollars and cents, rounded to the nearest penny. Use the rounded amounts for later calculations. Note: Do not use negative signs with any of your answers. Purchases Cost of Sales Inventory Balance Date January 1 Units Unit Cost Total Cost Units Unit Cost Total Cost January 3 43,200 $ 10.4 $ 449,280 January 7 16,800 $ 10.36 $ 174,048 January 20 14,400 $ 11 $ 158,400 January 22 38,400 10.56 $ 405,504 January 30 7,200 $ 12 $ 86,400 Units 4,800 $ 48,000 $ 31,200 $ 45,600 $ 7,200 $ 14,400 $ Unit Cost Total Cost 10 $ 10.36 $ 48,000 497,280 10.36 $ 323,232 10.56 $ 481,536 10.56 $ 76,032 11.27 $ 162,288 Moving average (perpetual) Cost of goods available for sale $ 742,080 Ending Inventory 162,432 Cost of goods sold $ 162.288 X