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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.
Date | Units | Unit Cost |
---|---|---|
Inventory, January 1 | 1,425 | $10.50 |
Purchase, January 10 | 600 | 12.00 |
Purchase, January 20 | 300 | 13.25 |
Purchase, January 28 | 900 | 14.00 |
Sale, January 5 | 750 | |
Sale, January 13 | 300 | |
Sale, January 31 | 480 | |
Inventory, January 31 | 1,695 |
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.
Ending Inventory | Cost of Goods Sold | |
1. Moving average method | $. ? | $. ? |
2. FIFO method | $. ? | $. ? |
3. LIFO method | $. ? | $. ? |
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