Use the following to answer the question(s) below: Shown below is the activity for one of the products of Random Creations: January 1 balance, 100 units @ $50 Purchases: January 18: 40 units @ $51 January 25: 40 units @ $52 Sales: January 22: 60 units January 31: 50 units 25-1) Required: Compute the January 31 cost of ending inventory, assuming Random Creations uses FIFO and periodic inventory system. Cost of ending inventory: $____________________ Your computations: (no credit if not shown). 25-2) Required: Compute the cost of goods sold for January, assuming Random Creations uses LIFO and periodic inventory system. Cost of goods sold: $____________________ Your computations: (no credit if not shown) 25-3) Required: Compute the cost of goods sold for January, assuming Random Creations uses LIFO and perpetual inventory system. Cost of goods sold: $____________________ Your computations: (no credit if not shown) 25-4) Required: Compute the January 31 cost of ending inventory, assuming Random Creations uses average cost and periodic inventory system. Cost of ending inventory: $____________________ Your computations: (no credit if not shown)
Use the following to answer the question(s) below:
Shown below is the activity for one of the products of Random Creations:
January 1 balance, 100 units @ $50
Purchases:
January 18: 40 units @ $51
January 25: 40 units @ $52
Sales:
January 22: 60 units
January 31: 50 units
25-1) Required: Compute the January 31 cost of ending inventory, assuming Random Creations uses FIFO and periodic inventory system.
Cost of ending inventory: $____________________
Your computations: (no credit if not shown).
25-2) Required: Compute the cost of goods sold for January, assuming Random Creations uses LIFO and periodic inventory system.
Cost of goods sold: $____________________
Your computations: (no credit if not shown)
25-3) Required: Compute the cost of goods sold for January, assuming Random Creations uses LIFO and perpetual inventory system.
Cost of goods sold: $____________________
Your computations: (no credit if not shown)
25-4) Required: Compute the January 31 cost of ending inventory, assuming Random Creations uses average cost and periodic inventory system.
Cost of ending inventory: $____________________
Your computations: (no credit if not shown)
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