Perpetual System- Calculating Ending Inventory and Cost of Sales using Moving Average, FIFO, and LIFO April Inc. maintains a perpetual inventory system and recorded the following information for the month of January. Date Inventory, January 1 Purchase, January 10 Purchase, January 20 Purchase, January 28 Sale, January 5 Sale, January 13 Sale, January 31 Inventory, January 31 Units Unit Cost 665 $10.50 280 12.00 140 13.25 420 14.00 350 140 224 791 Required Compute ending inventory and cost of goods sold for the month ending January 31 using the method indicated below. Note: Round your final answers to the nearest dollar. Note: Do not round costs per unit in your calculations.
Perpetual System- Calculating Ending Inventory and Cost of Sales using Moving Average, FIFO, and LIFO April Inc. maintains a perpetual inventory system and recorded the following information for the month of January. Date Inventory, January 1 Purchase, January 10 Purchase, January 20 Purchase, January 28 Sale, January 5 Sale, January 13 Sale, January 31 Inventory, January 31 Units Unit Cost 665 $10.50 280 12.00 140 13.25 420 14.00 350 140 224 791 Required Compute ending inventory and cost of goods sold for the month ending January 31 using the method indicated below. Note: Round your final answers to the nearest dollar. Note: Do not round costs per unit in your calculations.
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:Perpetual System- Calculating Ending Inventory and Cost of Sales using Moving Average, FIFO, and LIFO
April Inc. maintains a perpetual inventory system and recorded the following information for the month of January.
Units Unit Cost
665
$10.50
280
12.00
140
13.25
14.00
Date
Inventory, January 1
Purchase, January 10
Purchase, January 20
Purchase, January 28
Sale, January 5
Sale, January 13
Sale, January 31
Inventory, January 31
420
350
140
224
791
Required
Compute ending inventory and cost of goods sold for the month ending January 31 using the method indicated below.
Note: Round your final answers to the nearest dollar.
Note: Do not round costs per unit in your calculations.
Ending Inventory COGS
10,382 $
10,507
9,587
1. Moving average method. $
2. FIFO method.
3. LIFO method.
8,190
7,571
8,491
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