Using a perpetual inventory system. This company's beginning inventory of a product and its purchases during the month of January were as follows. Quantity Unit Cost Total Cost Beginning inventory(Jan 1) 180 $50 $9,000 Purchase(Jan. 9) 90 $55 $4,950 Purchase(Jan. 22) 90 $56 $5,040 Total 360 $18,990 On Jan 24. the company sold 200 units of this product. The other 160 units remain in inventory at Jan. 31. Determine the Cost of Goods Sold using LIFO, FIFO, and Average Cost.
Using a perpetual inventory system. This company's beginning inventory of a product and its purchases during the month of January were as follows.
Quantity Unit Cost Total Cost
Beginning inventory(Jan 1) 180 $50 $9,000
Purchase(Jan. 9) 90 $55 $4,950
Purchase(Jan. 22) 90 $56 $5,040
Total 360 $18,990
On Jan 24. the company sold 200 units of this product. The other 160 units remain in inventory at Jan. 31.
Determine the Cost of Goods Sold using LIFO, FIFO, and Average Cost.
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