Sunrise company inventory records contained the following information regarding its latest Sunrise model. The company uses a periodic inventory system. Beginning inventory, January 1,2019 1,200 units @ OR 80 each Purchases: January 15 2,000 units@ OR 95 each January 21 1,600 units@ OR100 each Sales: January 5 800 units @ OR 120 each January 22 1,600 units@ OR 130 each January 29 800 units @ OR 135 each Ending inventory, January 31, 2019 was 1,600 units Required : Compute COGS for January and ending the inventory using FIFO, LIFO and weighted average methods.
Sunrise company inventory records contained the following information regarding its latest Sunrise model. The company uses a periodic inventory system.
Beginning inventory, January 1,2019 1,200 units @ OR 80 each
Purchases:
January 15 2,000 units@ OR 95 each
January 21 1,600 units@ OR100 each
Sales:
January 5 800 units @ OR 120 each
January 22 1,600 units@ OR 130 each
January 29 800 units @ OR 135 each
Ending inventory, January 31, 2019 was 1,600 units
Required :
Compute COGS for January and ending the inventory using FIFO, LIFO and weighted average methods.
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