Question
Requirement a. Compute Ronald MaloyRonald Maloy's ending inventory and cost of goods sold under the moving-average cost-flow method assuming the company uses a perpetual inventory
Requirement a. Compute Ronald MaloyRonald Maloy's ending inventory and cost of goods sold under the moving-average cost-flow method assuming the company uses a perpetual inventory system. Begin by entering Ronald MaloyRonald Maloy's purchase and sale transactions in chronological order one line at a time, calculating a new moving-average cost per unit after every transaction. (Use a minus sign or parentheses for units sold or for a reduction in cost. Round your answer for cost per unit to the nearest cent.)
Requirement b. Compute
Ronald MaloyRonald Maloy's ending inventory and cost of goods sold under the FIFO cost-flow method assuming the company uses a perpetual inventory system. (When entering the layers for the units sold, enter the first layer sold under FIFO on the first available line, then the next layer sold under FIFO on the next line, and so on. CGS = Cost of Goods Sold.)
Requirement c. Compute
Ronald MaloyRonald Maloy's ending inventory and cost of goods sold under the LIFO cost-flow method assuming the company uses a perpetual inventory system.
Begin by preparing Ronald MaloyRonald Maloy Stores' perpetual inventory record under the last-in, last-out (LIFO) method for the year. (When entering the layers for the units sold, enter the first layer sold under LIFO on the first available line, then the next layer sold under LIFO on the next line, and so on. CGS = Cost of Goods Sold.)
Data Table Transaction Beginning inventory 1/1 Purchases February 8 March 15 Subtotal Units Sold April 2 at $44 April 30 July 15 Subtotal Units Sold-September 1 at $46 November 9 Total available for sale Total units sold Sales in Units Units Unit Cost Total Cost 8,000 14 112,000 16 464,000 29,000 18,200 455,000 25 1,031,000 55,200 50,500 36,000 32 1,152,000 14,000 36 504,000 2,687,000 105,200 26,500 32,500 25 812,500 3,499,500 137,700 (77,000)Step by Step Solution
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