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Kelley Company began business on January 1, 20-1. Purchases and sales during the month of January are shown. Date Purchases Sales   Units Cost/Unit Units Jan. 1 110 $1.00    Jan. 4 410 1.10   Jan. 5     320 Jan. 10 300 1.20   Jan. 12     200 Jan. 15 180 1.30   Jan. 18 510 1.50   Jan. 22     790 Jan. 27     90 Jan. 31 320 1.60   Required: Calculate the total amount to be assigned to cost of goods sold for January and the ending inventory on January 31, under each of the following methods. In your calculations round the average unit cost to four decimal places and answers to the nearest cent.   Cost of Goods Sold Inventory on Hand 1.  Perpetual LIFO inventory method $fill in the blank 1 $fill in the blank 2 2.  Perpetual moving-average inventory method $fill in the blank 3 $fill in the blank 4

Kelley Company began business on January 1, 20-1. Purchases and sales during the month of January are shown. Date Purchases Sales   Units Cost/Unit Units Jan. 1 110 $1.00    Jan. 4 410 1.10   Jan. 5     320 Jan. 10 300 1.20   Jan. 12     200 Jan. 15 180 1.30   Jan. 18 510 1.50   Jan. 22     790 Jan. 27     90 Jan. 31 320 1.60   Required: Calculate the total amount to be assigned to cost of goods sold for January and the ending inventory on January 31, under each of the following methods. In your calculations round the average unit cost to four decimal places and answers to the nearest cent.   Cost of Goods Sold Inventory on Hand 1.  Perpetual LIFO inventory method $fill in the blank 1 $fill in the blank 2 2.  Perpetual moving-average inventory method $fill in the blank 3 $fill in the blank 4

FINANCIAL ACCOUNTING
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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Kelley Company began business on January 1, 20-1. Purchases and sales during the month of January are shown.

Date Purchases Sales
  Units Cost/Unit Units
Jan. 1 110 $1.00   
Jan. 4 410 1.10  
Jan. 5     320
Jan. 10 300 1.20  
Jan. 12     200
Jan. 15 180 1.30  
Jan. 18 510 1.50  
Jan. 22     790
Jan. 27     90
Jan. 31 320 1.60  

Required:

Calculate the total amount to be assigned to cost of goods sold for January and the ending inventory on January 31, under each of the following methods. In your calculations round the average unit cost to four decimal places and answers to the nearest cent.

  Cost of Goods Sold Inventory on Hand
1.  Perpetual LIFO inventory method $fill in the blank 1 $fill in the blank 2
2.  Perpetual moving-average inventory method $fill in the blank 3 $fill in the blank 4
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