4. Santa Claus, Inc. maintains all of its inventory records using a perpetual inventory system. The company wishes to consider LIFO, FIFO, and Moving Average cost flow assumptions in valuing the inventory of Gifts which were in inventory throughout 2019. Santa Claus, Inc. had a total of 300 Gifts on hand at the beginning of the year, with a cost of $16 per unit. Information on the purchases and sales of Gifts during 2020 are given below: Sales Date Purchases 2/23 1,200 units @ $18 7/18 820 units 9/26 450 units 10/7 1,200 units @ $20 12/4 990 units Instructions: a. Determine Ending Inventory and Cost of Goods Sold using a FIFO cost flow assumption. 1 Purchases (at Cost) Sales (at Cost) Inventory Balance FIFO Date # of Units Unit Cost Total Cost # of Units Unit Cost Total Cost # of Units Unit Cost Total Cost 1/1 300 16.00 4.800 a. Determine Ending Inventory and Cost of Goods Sold using a FIFO cost flow assumption. Purchases (at Cost) Sales (at Cost) Inventory Balance FIFO Date Total #of Units Unit Cost #of Units Unit Cost Cost Total Cost # of Units Total Cost Cost 1/1 300 16.00 4,800 Determine Ending Instant b. Determine Ending Inventory and Cost of Goods Sold using a LIFO cost flow assumption. Purchases (at Cost) Sales (at Cost) Inventory Balance LIFO Date #of Units Unit Cost Total Cost # of Units Unit Cost Total Cost # of Units Unit Cost Total Cost 1/1 300 16.00 4,800 c. Determine Ending Inventory and Cost of Goods Sold using a Moving Average cost flow assumption (round average unit costs and inventory values to the nearest cent). Purchases (at Cost) Sales (at Cost) Inventory Balance AVG Date # of Units Unit Cost Total Cost # of Units Unit Cost Total Cost # of Units Unit Cost Total Cost 1/1 300 16.00 4,800