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please do this with explanation. tion-05 ABC Bookstore had 500 units on hand at January 1, costing $9 each. Purchases and sales during the month
please do this with explanation.
tion-05 ABC Bookstore had 500 units on hand at January 1, costing $9 each. Purchases and sales during the month of January were as follows: Date Purchases Sales Jan. 14 375 @ $14 17 250 @ $10 25 250 @ $11 29 260 @ $16 ABC does not maintain perpetual inventory records. According to a physical count, 365 units were on hand at January 31. Required: a. Calculate the cost of the inventory at January 31 and cost of goods sold, under the FIFO method. [02] b. Calculate the cost of the inventory at January 31 and cost of goods sold, under the LIFO method. [02] C. Calculate the cost of the inventory at January 31 and cost of goods sold, under the Average method. [02] onStep by Step Solution
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