D2. DateJan. 1 Inventory (beg.)Jan. 3 PurchasesJan. 7 Sales (at $26 per unit)Jan. 20 PurchasesJan. 22 Sales (at $27 per unit) 14,400Jan, 3D PurchasesUnits Unit Cost1,800 $10.0016,200 $10.406,3005,400 $11.002,700 $12.00a. 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.b. Assuming that Undew maintains a perpetual inventary system, compute ending inventory and cost of goods sold for the month ending January 31 using (1) moving average, (2) FIFO, and (3) LIFO.Average cost (periodic) FIFO (periodic) LIFO (periodic)(1) Average cost method (periodic)Unit cost $ 6,525 x +Computation of Weighted Average Unit CostNumerator DenominatorResult10.85 * $Average Cost (Periodic)Cost of goods available for sale $Ending InventoryCost of goods sold•Note: Use the result EXACTLY as displayed above in the calculations below.*Note: Do not use negative signs with any of your answers.• Note: Round your final answers to the nearest whole dollar.$601.38278,280 ✔55,575 x220,705 xMoving average (perpetual)FIFO (perpetual)LIFO (perpetual)↑

Name: D2. DateJan. 1 Inventory (beg.)Jan. 3 PurchasesJan. 7 Sales (at $26 pe
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Description: D2. DateJan. 1 Inventory (beg.)Jan. 3 PurchasesJan. 7 Sales (at $26 per unit)Jan. 20 PurchasesJan. 22 Sales (at $27 per unit) 14,400Jan, 3D PurchasesUnits Unit Cost1,800 $10.0016,200 $10.406,3005,400 $11.002,700 $12.00a. Assuming that Undew maintains

Business

Accounting

Date Jan. 1 Inventory (beg.) Jan. 3 Purchases Jan. 7 Sales (at $26 per unit) Jan. 20 Purchases Jan. 22 Sales (at $27 per unit) 14,400 Jan. 30 Purchases Units Unit Cost 1,800 $10.00 16,200 $10.40 6,300 5,400 $11.00 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. 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. 2,700 $12.00 Average cost (periodic) FIFO (periodic) LIFO (periodic) Moving average (perpetual) (1) Average cost method (periodic) Unit cost $ 6,525 x + Computation of Weighted Average Unit Cost Numerator Denominator Result Ending Inventory Cost of goods sold 10.85 * - $ •Note: Use the result EXACTLY as displayed above in the calculations below. *Note: Do not use negative signs with any of your answers. • Note: Round your final answers to the nearest whole dollar. Average Cost (Periodic) Cost of goods available for sale $ 278,280 55.575 x $ 220,705 x 601.38 FIFO (perpetual) LIFO (perpetual) ↑

Date Jan. 1 Inventory (beg.) Jan. 3 Purchases Jan. 7 Sales (at $26 per unit) Jan. 20 Purchases Jan. 22 Sales (at $27 per unit) 14,400 Jan. 30 Purchases Units Unit Cost 1,800 $10.00 16,200 $10.40 6,300 5,400 $11.00 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. 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. 2,700 $12.00 Average cost (periodic) FIFO (periodic) LIFO (periodic) Moving average (perpetual) (1) Average cost method (periodic) Unit cost $ 6,525 x + Computation of Weighted Average Unit Cost Numerator Denominator Result Ending Inventory Cost of goods sold 10.85 * - $ •Note: Use the result EXACTLY as displayed above in the calculations below. *Note: Do not use negative signs with any of your answers. • Note: Round your final answers to the nearest whole dollar. Average Cost (Periodic) Cost of goods available for sale $ 278,280 55.575 x $ 220,705 x 601.38 FIFO (perpetual) LIFO (perpetual) ↑

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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