Question
Vozniak Company began business on January 1, 20-1. Purchases and sales during the month of January follow. Jan.1 100 $2.00 Jan.5 500 2.30 Jan7 300
Vozniak Company began business on January 1, 20-1. Purchases and sales during the month of January follow. Jan.1 100 $2.00 Jan.5 500 2.30 Jan7 300 Jan.12 300 2.40 Jan.15 300 Jan.17 200 2.50 Jan.19 500 2.70 Jan.24 800 Jan,28 100 Jan.31 200 2.90 Required: Calculate the total amount to be assigned to cost of goods sold for January 31, under each of the following methods. In your calculations round the average unit cost to four decimal places. If required, round your final answers to the nearest cent. 1.Perpetual LIFO inventory method 2. Perpetual moving- average inventory method.
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