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Undew Inc.s inventory records showed the following data for an item it sells regularly. Periodic and Perpetual Systems-Calculating Ending Inventory and cost of Sales using
Undew Inc.s inventory records showed the following data for an item it sells regularly.
Periodic and Perpetual Systems-Calculating Ending Inventory and cost of Sales using Average Cost (Moving Average), FIFO, and LIFO Undew Inc.'s inventory records showed the following data for an item it sells regularly. Date Units Unit Cost Jan 1 Inventory 1,800 $10.00 Jan 3 Purchases 16,200 10.40 Jan 7 Sales (at $26 per unio 6,300 Jan 20 Purchases 5,400 11.00 Jan 22 Sales (at $27 per unit) 14,400 Jan 30 Purchases 2,700 12.00 2. 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. Note: Round your final answers only to the nearest dollar. Note: Do not round the cost per unit amounts in your calculations. Periodic Inventory System Ending Inventory COGS 1. Average cost method. S 0X5 2. FIFO method. . 62,100 216,180 3. LIFO method 55,440 222,840 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. Note: Round your final answers only to the nearest dollar. Note: Do not round the cost per unit amounts in your calculations. Perpetual Inventory System Ending Inventory COGS 1. Moving average method. S OXS 2. FIFO method 62.100 216,180 3. LIFO method. X x CheckStep by Step Solution
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