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Winganon Company began 2020 with 6,500 units of its principal product. The cost of each unit is $8.25. Merchandise transactions for the month of January
Winganon Company began 2020 with 6,500 units of its principal product. The cost of each unit is $8.25. Merchandise transactions for the month of January 2020 are as follows: Purchases Date of Purchase Units Unit Cost *Total Cost Jan. 7 9,000 $ 8 $ 72,000 Jan. 21 10,000 990,000 Totals 19,000 162,000 Includes purchase price and cost of freight. Sales Date of Sale Units Jan. 2. 6,000 Jan. 13 9,000 Jan. 25 8,500 Total 23,500 Required: Calculate January's ending inventory and cost of goods sold for the month using each of the following alternatives: 1. FIFO, perpetual system. 2. LIFO, periodic system 3. LIFO, perpetual system. 4. Average cost, periodic system 5. How many units are on hand at the end of the month
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