Question
The following information is available from ABC co.'s January 2017 inventory records. Number of Units Unit cost
The following information is available from ABC co.'s January 2017 inventory records.
Number of Units Unit cost Unit price
January 1, 2017 $2,600 $10
Purchases on 1/5 2.400 11
1/8 sales $4,000
Buy on 1/15 8,000 12
1/22 sales $7,000 $20
Instructions: Calculate the cost of goods sold for January 2017 using the methods below.
1) FIFO with perpetual inventory.
2) Weighted average. (Periodic system).
3) Moving average. (Continuous system).
4) LIFO with periodic inventory.
5) LIFO with perpetual inventory.
Step by Step Solution
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SOLUTION FIFO with perpetual inventory The cost of goods sold using FIFO with perpetual inventory can be calculated as follows The first sale of 4000 ...Get Instant Access to Expert-Tailored Solutions
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Financial Accounting A Critical Approach
Authors: John Friedlan
4th edition
1259066525, 978-1259066528
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