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 Units Unit Cost 4,800 $10.00 43,200 $10.40 Jan. 7 Sales (at $26 per unit) 16,800 Jan. 20 Purchases 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 Result Unit cost $ 0 0 = $ 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. (1) Average cost method (periodic) Unit cost $ Computation of Weighted Average Unit Cost Numerator Denominator 0 0 = $ Result 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 $ 0 Ending Inventory 0 Cost of goods sold $ 0 (2) FIFO Method (periodic) Note: Do not use negative signs with any of your answers. FIFO Method (Periodic): Computation of Ending Inventory Cost per Units Unit Total Cost Jan. 1 0 $10.00 $ 0 Jan. 3 0 $10.40 $ 0 Jan. 20 0 $11.00 $ 0 Jan. 30 0 $12.00 $ 0 +A $ 0 FIFO (periodic) Cost of goods available for sale $ 0 Ending Inventory 0 Cost of goods sold +A $ 0 (3) LIFO Method (periodic) Note: Do not use negative signs with any of your answers. LIFO Method (Periodic): Computation of Ending Inventory Cost per Unit Units Total Cost Jan. 1 0 x $10.00 $ 0 Jan. 3 0 $10.40 $ 0 Jan. 20 0 $11.00 $ 0 Jan. 30 0 $12.00 $ 0 +A $ 0 LIFO (periodic) Cost of goods available for sale $ 0 Ending Inventory 0 Cost of goods sold +A $ 0 (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 Unit Total Unit Total Date January 1 Units Cost Cost Units Cost Cost Units Unit Cost Total Cost 0 $ 0 $ 0 January 3 0 $ 0 0 $ 0 $ 0 January 7 0 $ 0 0 $ 0 $ 0 January 20 0 $ 0 $ 0 0 $ 0 $ 0 January 22 0 $ 0 $ 0 0 $ 0 $ 0 January 30 0 $ 0 0 $ 0 $ 0 Moving average (perpetual) Cost of goods available for sale $ 0 Ending Inventory 0 Cost of goods sold $ 0 Average cost (periodic) FIFO (periodic) LIFO (periodic) Moving average (perpetual) FIFO (perpetual) LIFO (perpetual) (2) FIFO (perpetual) Note: Do not use negative signs with any of your answers. Note: On each date, list the inventory units in chronological order based on their purchase date with beginning inventory, if any, listed first. FIFO (Perpetual) Purchases Cost of Sales Inventory Balance Date January 1 Units Unit Cost Total Unit Total Cost Units Cost Cost Units Unit Cost Total Cost 0 $ 0 $ 0 January 3 0 $ 0 $ 0 0 $ 0 $ 0 0 $ 0 $ 0 January 7 0 $ 0 $ 0 0 $ 0 $ 0 0 $ 0 $ 0 January 20 0 $ 0 $ 0 0 $ 0 $ 0 0 $ 0 $ 0 January 22 0 $ 0 $ 0 0 $ 0 $ 0 0 $ 0 $ 0 January 30 0 $ 0 $ 0 0 $ 0 $ 0 0 $ 0 $ 0 FIFO (perpetual) Cost of goods available for sale $ Ending Inventory Cost of goods sold 0 0 $ 0 Average cost (periodic) FIFO (periodic) LIFO (periodic) Moving average (perpetual) FIFO (perpetual) LIFO (perpetual) 3. LIFO (perpetual) Note: Do not use negative signs with any of your answers. Note: On each date, list the inventory units in chronological order based on their purchase date with beginning inventory, if any, listed first. LIFO (perpetual) Purchases Cost of Sales Inventory Balance Date Units Unit Cost Total Unit Total Cost Units Cost Cost Units Unit Cost Total Cost January 1 0 $ 0 $ 0 January 3 0 $ 0 $ 0 0 $ 0 $ 0 0 $ 0 $ 0 January 13 $ 0 $ 0 0 $ 0 $ 0 0 $ 0 $ 0 January 20 0 $ 0 $ 0 0 $ 0 $ 0 0 $ 0 $ 0 0 $ 0 $ 0 January 22 0 $ 0 $ 0 0 * $ 0 $ 0 0 $ 0 $ 0 0 $ 0 $ 0 January 30 0 $ 0 $ 0 0 $ 0 $ 0 0 $ 0 $ 0 0 $ 0 $ 0 LIFO (perpetual) Cost of goods available for sale $ Ending Inventory Cost of goods sold Check 0 0 $ 0