20. The following pertain to the cost of Hs only inventory item:

• Inventory on hand, January 1 295 units @ $50 per unit
• Purchases, January 12 590 units @ $88 per unit
• Purchases, January 20 450 units @ $91 per unit
• Purchases, January 31 300 units @ $93 per unit

1,635

• Sales, January 5 75 units @ $200 per unit
• Sales, January 15 350 units @ $200 per unit
• Sales, January 22 550 units @ $200 per unit
• Sales, January 30 140 units @ $200 per unit

1,115 (1,115 x $200 = $223,000)

Calculate COGS AND GP for January AND EI as of 01-31 assuming H uses perpetual LIFO

EI:

COGS:

Gross profit:

Calculate COGS AND GP for January AND EI as of 01-31 assuming H uses a moving average method and rounds the unit cost to the nearest penny each time it performs an average calculation

EI:

COGS:

Gross profit:

Make sure that the sum of your COGS AND EI answers add up to 100% of your COGAS.