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Perpetual: LIFO and Moving-Average Kelley Company began business on January 1, 20-1. Purchases and sales during the month of January are shown. Date Purchases Sales

Perpetual: LIFO and Moving-Average

Kelley Company began business on January 1, 20-1. Purchases and sales during the month of January are shown.

Date Purchases Sales
Units Cost/Unit Units
Jan. 1 100 $1.00
Jan. 4 400 1.10
Jan. 5 300
Jan. 10 300 1.30
Jan. 12 200
Jan. 15 200 1.35
Jan. 18 500 1.60
Jan. 22 800
Jan. 27 100
Jan. 31 300 1.80

Required:

Calculate the total amount to be assigned to cost of goods sold for January and the ending inventory on January 31, under each of the following methods. In your calculations round the average unit cost to four decimal places and answers to the nearest cent.

Cost of Goods Sold Inventory on Hand
1. Perpetual LIFO inventory method $fill in the blank 1 $fill in the blank 2
2. Perpetual moving-average inventory method $fill in the blank 3 $fill in the blank 4

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