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.

Date		Units	Unit Cost
Jan 1	Inventory	4,000	$10.00
Jan 3	Purchases	36,000	10.40
Jan 7	Sales (at $26 per unit)	14,000
Jan 20	Purchases	12,000	11.00
Jan 22	Sales (at $27 per unit)	32,000
Jan 30	Purchases	6,000	12.00

a. 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: Do not round the cost per unit amounts in your calculations.

Periodic Inventory System	Ending Inventory	COGS
1. Average cost method.	Answer	Answer
2. FIFO method.	Answer	Answer
3. LIFO method.	Answer	Answer

b. 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: Do not round the cost per unit amounts in your calculations.

Perpetual Inventory System	Ending Inventory	COGS
1. Moving average method.	Answer	Answer
2. FIFO method.	Answer	Answer
3. LIFO method.	Answer	Answer