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Perpetual System- Calculating Ending Inventory and Cost of Sales using Moving Average, FIFO, and LIFO April Inc. maintains a perpetual inventory system and recorded the
Perpetual System- Calculating Ending Inventory and Cost of Sales using Moving Average, FIFO, and LIFO April Inc. maintains a perpetual inventory system and recorded the following information for the month of January. Units Unit Cost 475 $10.50 200 12.00 100 13.25 Date Inventory, January 1 Purchase, January 10 Purchase, January 20 Purchase, January 28 Sale, January 5 Sale, January 13 Sale, January 31 Inventory, January 31 300 14.00 250 100 160 565 Required Compute ending inventory and cost of goods sold for the month ending January 31 using the method indicated below. Note: Round your final answers to the nearest dollar. Note: Do not round costs per unit in your calculations. COGS $ Ending Inventory 1. Moving average method. $ 2. FIFO method. 3. LIFO method
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