Question 1 View Policies Current Attempt in Progress Liberty Inc. is a retailer operating in Centralia. Liberty Inc. uses the perpetual inventory method. All sales returns from customers result in the goods being returned to inventory. Assume that the inventory is not damaged.) Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Liberty Inc. for the month of January 2014 Quantity Unit Cost or Selling Price 140 $14 Date Description Dec. 31 Ending inventory Jan.2 Purchase Jan. 6 Sale Jan. 9 Purchase Jan. 10 Sale Jan. 23 Purchase Jan. 30 Sale Calculate average cost for each unit. (Round answers to 3 decimal places es 5.125.) Jan 15 Jan 25 Jan. 6 S Jan. 95 Jan 10 $ Jan 23 5 Jan. 30 $ Calculate average cost for each unit. (Round answers to 3 decimal places, e.g. 5.125.) Jan. 1 $ Jan.2 Jan. 6 Jan. 9 $ $ $ Jan. 10 $ Jan. 23 $ Jan. 30 $ List of Accounts For each of the following cost flow assumptions, calculate (1) cost of goods sold, (ii) ending inventory, and (iii) gross profit. places, e.g. 125.) (1) LIFO. (2) FIFO. (3) Moving average. List of Accounts For each of the following cost flow assumptions, calculate (i) cost of goods sold, (ii) ending inventory, and (ii) gross profit. (Round answers to decimal places, eg. 125.) (1) LIFO. (2) FIFO. (3) Moving-average. LIFO FIFO Moving-average Cost of goods sold $ Ending inventory $ Gross profit $ List of Accounts Attempts: 0 of 5 used Submit Answer Save for Later Question 2 View Policies Current Attempt in Progress Lyon Center began operations on July 1. It uses a perpetual inventory system. During July, the company had the following purchases and sales. Purchases Units Unit Cost Sales Units 7 $62 Date July 1 July 6 July 11 July 14 July 21 July 27 3 $66 Calculate average cost for each unit. (For calculation and rpose round unit costs to 2 decimal places, eg. 15.25.) July 1 $ July 6 $ July 11 $ July 14 $ July 21 $ July 27 $ List of Accounts Determine the ending inventory under a perpetual inventory system using (1) FIFO (2) moving average, and (3) LIFO. (For calculation and answers purpose round unit costs to 2 decimal places, e.g. 15.25 and ending inventory values to decimal places, s. 515) FIFO MOVING-AVERAGE The ending inventory under a perpetual inventory system $ List of Accounts Which costing method produces the highest ending inventory valuation? method produces the highest ending inventory valuation List of Accounts Attempts: 0 of 5 used Submit Answer Save for Later