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anuary 1 balance, 80 units @ $50 $4,000 Purchases: January 18: 40 units @ $51 January 28: 40 units @ $52 Sales: January 12: 30 units January 22: 30 units January 31:45 units

anuary 1 balance, 80 units @ $50 $4,000 Purchases: January 18: 40 units @ $51 January 28: 40 units @ $52 Sales: January 12: 30 units January 22: 30 units January 31:45 units

College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter13A: Perpetual Inventory Method: Lifo And Moving-average Methods
Section: Chapter Questions
Problem 2SPA: PERPETUAL: LIFO AND MOVING-AVERAGE Kelley Company began business on January 1, 20-1. Purchases and...
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Shown below is the activity for one of the products of XYZ Co.: January 1 balance, 80 units @ $50 $4,000 Purchases: January 18: 40 units @ $51 January 28: 40 units @ $52 Sales: January 12: 30 units January 22: 30 units January 31: 45 units Required: (you have the option to upload the answer to this question) (A) Compute the January 31 ending inventory and cost of goods sold for January, assuming the company uses FIFO. (B) Compute the January 31 ending inventory and cost of goods sold for January, assuming the company uses average cost and a perpetual inventory system.
Transcribed Image Text:Shown below is the activity for one of the products of XYZ Co.: January 1 balance, 80 units @ $50 $4,000 Purchases: January 18: 40 units @ $51 January 28: 40 units @ $52 Sales: January 12: 30 units January 22: 30 units January 31: 45 units Required: (you have the option to upload the answer to this question) (A) Compute the January 31 ending inventory and cost of goods sold for January, assuming the company uses FIFO. (B) Compute the January 31 ending inventory and cost of goods sold for January, assuming the company uses average cost and a perpetual inventory system.
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