Perpetual: LIFO and Moving-Average Kelley Company began business on January 1, 20-1. Purchases and sales during the month of January follow. Date lan. 1 lan. 4 Jan. 5 Jan. 10 Jan. 12 Jan. 15 Jan. 18 Jan. 22 Jan. 27 Jan. 31 Units 100 400 300 200 500 300 Purchases Sales Cost/Unit Units $1.00 1.10 1.30 1.35 1.60 1.80 300 1. Perpetual LIFO inventory method 200 800 100 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 o four decimal places. If required, round your answers to the nearest cent. Cost of Goods Sold 2 Perpetual moving average inventory method Inventory on Hand
Perpetual: LIFO and Moving-Average Kelley Company began business on January 1, 20-1. Purchases and sales during the month of January follow. Date lan. 1 lan. 4 Jan. 5 Jan. 10 Jan. 12 Jan. 15 Jan. 18 Jan. 22 Jan. 27 Jan. 31 Units 100 400 300 200 500 300 Purchases Sales Cost/Unit Units $1.00 1.10 1.30 1.35 1.60 1.80 300 1. Perpetual LIFO inventory method 200 800 100 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 o four decimal places. If required, round your answers to the nearest cent. Cost of Goods Sold 2 Perpetual moving average inventory method Inventory on Hand
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Perpetual: LIFO and Moving-Average
Kelley Company began business on January 1, 20-1. Purchases and sales during the month of January follow.
Date
Purchases
Jan. 1
100
$1.00
Jan. 4
400
1.10
Jan. 5.
Jan. 10
300
1.30
1
Jan. 12
Jan. 15
200
1.35
Jan. 18
500
1.60
Jan. 22
Jan. 27
Jan. 31
300
Units Cost/Unit
1.80
Sales
Units
300
200
800
100
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. If required, round your answers to the nearest cent.
Cost of Goods Sold
1. Perpetual LIFO inventory method
2. Perpetual moving-average inventory method
Inventory on Hand
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