Question
Undew Inc.s inventory records showed the following data for an item it sells regularly. a . Assuming that Undew maintains a periodic inventory system, compute
Undew Inc.s inventory records showed the following data for an item it sells regularly.
a. Assuming that Undew maintains a periodic inventory system, compute ending inventory and cost of goods sold for the month-ended January 31 using (1) average cost, (2) FIFO, and (3) LIFO. (Round your final answers only to the nearest dollar. Do not round the cost per unit amounts in your calculations.)
b. Assuming that Undew maintains a perpetual inventory system, compute ending inventory and cost of goods sold for the month-ended January 31 using (1) moving average, (2) FIFO, and (3) LIFO. (Round your final answers only to the nearest dollar. Do not round the cost per unit amounts in your calculations.)
Date Units Unit Cost Jan 1 Inventory 3,600 $10.00 Jan 3 Purchases 32,400 10.40 Jan 7 Sales (at $26 per unit) 12,600 Jan 20 Purchases 10,800 11.00 Jan 22 Sales (at $27 per unit) 28,800 Jan 30 Purchases 5,400 12.00 COGS $ 0 Periodic Inventory System Ending Inventory 1. Average cost method. 0 $ 2. FIFO method. 3. LIFO method. 0 0 0 0 COGS 0 Perpetual Inventory System Ending Inventory 1. Moving average method. $ 0 $ 2. FIFO method. 0 3. LIFO method. 0 0 0Step by Step Solution
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