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Undew Inc.'s inventory records showed the following data for an item it sells regularly. Date Units Unit Cost Jan. 1 Inventory 4,000 $10.00 Jan. 3
Undew Inc.'s inventory records showed the following data for an item it sells regularly. Date Units Unit Cost Jan. 1 Inventory 4,000 $10.00 Jan. 3 Purchases 36,000 $10.40 Jan. 7 Sales (at $26 per unit) 14,000 Jan. 20 Purchases 12,000 $11.00 Jan. 22 Sales (at $27 per unit) 32,000 Jan. 30 Purchases 6,000 $12.00 a. Assuming that Undew maintains a periodic inventory system, compute ending inventory and cost of goods sold for the month ending January 31 using (1) average cost, (2) FIFO, and (3) LIFO. Note: Carry all decimals in calculations; round the final answer to the nearest dollar. COGS Periodic Inventory System Ending Inventory 1. Average cost method. $ 0 $ 2. FIFO method. 0 3. LIFO method. 0 0 0 0 b. Assuming that Undew maintains a perpetual inventory system, compute ending inventory and cost of goods sold for the month ending January 31 using (1) moving average, (2) FIFO, and (3) LIFO. Note: Carry all decimals in calculations; round the final answer to the nearest dollar. COGS 0 Perpetual Inventory System Ending Inventory 1. Moving average method. $ 0 $ 2. FIFO method. 3. LIFO method. Oo
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