Perpetual: LIFO and Moving-Average Vozniak Company began business on January 1, 20-1. Purchases and sales during the month of January follow. Date Purchases Sales Units Cost/Unit Units Jan. 1 100 $2.00 Jan. 5 500 2.30 Jan. 7 300 Jan. 12 300 2.40 Jan. 15 300 Jan. 17 200 2.50 Jan. 19 500 2.70 Jan. 24 800 Jan. 28 100 Jan. 31 200 2.90 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 final answers to the nearest cent. Cost of Goods Sold Inventory on Hand 1. Perpetual LIFO inventory method $ $780 2. Perpetual moving-average inventory method $ $ Ive already used this question once before but the only correct answer was for the perpetual LIFO inventory method for the Inventory on Hand, which was the $780. I couldn't work out the other Cost of Goods Sold or any of the Perpetual moving-average inventory method. Please explain how you came up with these solutions, so I know how to do them myself. Thank you.
Perpetual: LIFO and Moving-Average Vozniak Company began business on January 1, 20-1. Purchases and sales during the month of January follow. Date Purchases Sales Units Cost/Unit Units Jan. 1 100 $2.00 Jan. 5 500 2.30 Jan. 7 300 Jan. 12 300 2.40 Jan. 15 300 Jan. 17 200 2.50 Jan. 19 500 2.70 Jan. 24 800 Jan. 28 100 Jan. 31 200 2.90 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 final answers to the nearest cent. Cost of Goods Sold Inventory on Hand 1. Perpetual LIFO inventory method $ $780 2. Perpetual moving-average inventory method $ $ Ive already used this question once before but the only correct answer was for the perpetual LIFO inventory method for the Inventory on Hand, which was the $780. I couldn't work out the other Cost of Goods Sold or any of the Perpetual moving-average inventory method. Please explain how you came up with these solutions, so I know how to do them myself. Thank you.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 9RE: RE7-8 Johnson Company uses a perpetual inventory system. On October 23, Johnson purchased 100,000 of...
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Perpetual: LIFO and Moving-Average
Vozniak Company began business on January 1, 20-1. Purchases and sales during the month of January follow.
| Date | Purchases | Sales | |
| Units | Cost/Unit | Units | |
| Jan. 1 | 100 | $2.00 | |
| Jan. 5 | 500 | 2.30 | |
| Jan. 7 | 300 | ||
| Jan. 12 | 300 | 2.40 | |
| Jan. 15 | 300 | ||
| Jan. 17 | 200 | 2.50 | |
| Jan. 19 | 500 | 2.70 | |
| Jan. 24 | 800 | ||
| Jan. 28 | 100 | ||
| Jan. 31 | 200 | 2.90 |
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 final answers to the nearest cent.
| Cost of Goods Sold | Inventory on Hand | |
| 1. Perpetual LIFO inventory method | $ | $780 |
| 2. Perpetual moving-average inventory method | $ | $ |
Ive already used this question once before but the only correct answer was for the perpetual LIFO inventory method for the Inventory on Hand, which was the $780. I couldn't work out the other Cost of Goods Sold or any of the Perpetual moving-average inventory method.
Please explain how you came up with these solutions, so I know how to do them myself. Thank you.
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