Question

(d) Inventory Calculations Keaton Accessories uses a perpetual inventory system. The company's beginning inventory of a particular product and its purchases during the month of January were as follows: Quantity Total Cost Unit Cost Beginning Inventory (Jan. 1) $11,200 160 $70 Purchase (Jan. 9) 80 75 6,000 6,080 Purchase (Jan. 21) 80 76 $23,280 320 Total On January 24, Keaton sold 180 units of this product. The other 140 units remain in inventory at January 31. goods sold using each of the following flow assumptions: i.) Determine the cost LIFO FIFO Average Cost ii.) Determine the cost of the 140 units in inventory at January 31 using each of the following flow assumptions LIFO FIFO Average Cost Open Show Work click if you would like to Show Work for this question: Attempts: 0 of 3 used SAVE FOR LATER SUBMIT ANSWwER

Answer 1

LIFO (Perpetual) Receipts Cost of Goods Sold Balance Description 1-Jan Beginning Inventory 9-Jan Purchases 21-Jan Purchases 24-Jan Sold Qty Qty Date Qty Rate Amount Rate Amount Rate Amount 160 70.00 11,200.00 80 75.00 6,000.00 80 76.00 6,080.00 80 76.00 6,080.00 80 75.00 6,000.00 70.00 70.00 9,800.00 20 1,400.00 140 Ending 320 23,280.00 180 13,480.00 140 9,800.00 FIFO (Perpetual) Receipts Cost of Goods Sold Balance Description 1-Jan Beginning Inventory Qty Date Qty Rate Amount Rate Amount Qty Rate Amount 160 70.00 11,200.00 9-Jan Purchases 80 75.00 6,000.00 21-Jan Purchases 80 76.00 6,080.00 24-Jan Sold 70.00 11,200.00 160 4,500.00 20 75.00 1,500.00 60 75.00 80 76.00 6,080.00 Ending 23,280.00 320 180 12,700.00 140 10,580.00 Average (Perpetual) Receipts Cost of Goods Sold Balance Description 1-Jan Beginning Inventory Date Qty Rate Amount Qty Rate Amount Qty Rate Amount 160 70.00 11,200.00 9-Jan Purchases 80 75.00 6,000.00 21 - Jan Purchases 24-Jan Sold 80 76.00 6,080.00 72.75 13,095.00 140 180 72.75 10185 Ending 320 72.75 23,280.00 180 13,095.00 140 10,185.00 i) Cost of Good sold LIFO 13,480.00 FIFO 12,700.00 Average cost 13,095.00 i. Ending inventory LIFO 9,800.00 FIFO 10,580.00 Average cost 10,185.00