Jailbird Company provided the following data about the inventory for the month of January: Unit Unit Cost Total Cost Jan 1 Beginning 16,000 140 2,240,000 5 Purchase 4,000 150 600,000 10 Sales 15,000 - - 15 Purchase 20,000 160 3,200,000 16 Purchase Return 1,000 160 160,000 25 Sales 8,000 - - 26 Sales Return 4,000 - - 31 Purchase 30,000 150 4,500,00 Required: Compute the total cost balances of Ending Inventory and Cost of Goods Sold using: FIFO LIFO Periodic Weighted Average Moving Average
Jailbird Company provided the following data about the inventory for the month of January:
Unit Unit Cost Total Cost
Jan 1 Beginning 16,000 140 2,240,000
5 Purchase 4,000 150 600,000
10 Sales 15,000 - -
15 Purchase 20,000 160 3,200,000
16 Purchase Return 1,000 160 160,000
25 Sales 8,000 - -
26 Sales Return 4,000 - -
31 Purchase 30,000 150 4,500,00
Required: Compute the total cost balances of Ending Inventory and Cost of Goods Sold using:
- FIFO
- LIFO
- Periodic Weighted Average
- Moving Average
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