Chapter 10, Problem 10.1P

Moving Average, FIFO, LIFO. Morocco Imports provided the following information regarding its inventory for the current year, its second year of operations.

Transaction	Units	Sales in Units	Unit Cost	Total Cost
Beginning inventory January 1	35,000		$3.50	$ 122,500
Purchases
February 8	45,500		3.60	163.800
March 15	100.250		3.80	380.950
April 10	62.000		4.10	254.200
Subtotal	242.750			$ 921,450
Units sold April 22 at $12 May 9	81.000	155.000	4.35	352,350
June 19	28.000		4.56	127,680
Subtotal	351,750			$1,401,480
Units sold August 11 at $14 September 20	15,000	115.500	4.75	71,250
October 30	41..000		4.85	198,850
November 17	8.000		4.90	39,200
Subtotal	415.750			$1,710,780
Units sold December 21 at $16		21.500
Total available for sale	415,750
Total units sold	(292.0001
Ending inventory	123,750

Compute Morocco’s ending inventory and cost of goods sold under each of the following cost-flow assumptions assuming a perpetual inventory system. (Round your answer for cost per unit to two decimal places.)

Required

1. a. Moving Average
2. b. FIFO
3. c. LIFO