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Problem One-Shown below is the activity for one of the products of Random Creations January 1 balance, 80 units@$50 $4,000 Purchases January 18:40 units@$51 January
Problem One-Shown below is the activity for one of the products of Random Creations January 1 balance, 80 units@$50 $4,000 Purchases January 18:40 units@$51 January 28:40 units@ $52 Sales: January 12: 30 units January 22: 30 units January 31: 45 units a. Random Creations uses FIFO and a perpetual inventory system. Compute Cost of Goods Sold (6 pts) Show ALL your work b. Random Creations uses LIFO and a perpetual inventory system. Compute Cost of Goods Sold (6 pt Show ALL your work! c. Random Creations uses average cost and a perpetual inventory system. Compute Cost of Goods Sold (6 pts) Show ALL your work
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