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Sarasota Appliance uses a perpetual inventory system. For its flat-screen television sets, the January 1 inventory was 3 setsCompute the ending inventory under moving-average cost. (Round average-cost per unit to 2 decimal places, e.g. 12.52 and fina

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Computation of ending inventory under FIFO (Perpetual)
Date Goods Purchased Cost of goods sold Inventory Balance
Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost
1-Jan 3 $605.00 $1,815.00
8-Jan 2 $605.00 $1,210.00 1 $605.00 $605.00
10-Jan 6 $745.00 $4,470.00 1 $605.00 $605.00
6 $745.00 $4,470.00
15-Jan 1 $605.00 $605.00 3 $745.00 $2,235.00
3 $745.00 $2,235.00
Ending Inventory 3 $2,235.00
Computation of ending inventory under LIFO (Perpetual)
Date Goods Purchased Cost of goods sold Inventory Balance
Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost
1-Jan 3 $605.00 $1,815.00
8-Jan 2 $605.00 $1,210.00 1 $605.00 $605.00
10-Jan 6 $745.00 $4,470.00 1 $605.00 $605.00
6 $745.00 $4,470.00
15-Jan 4 $745.00 $2,980.00 1 $605.00 $605.00
2 $745.00 $1,490.00
Ending Inventory 3 $2,095.00
Computation of ending inventory under Moving Average (Perpetual)
Date Goods Purchased Cost of goods sold Inventory Balance
Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost
1-Jan 3 $605.00 $1,815.00
8-Jan 2 $605.00 $1,210.00 1 $605.00 $605.00
10-Jan 6 $745.00 $4,470.00 1 $605.00 $605.00
6 $745.00 $4,470.00
Average cost 7 $725.00 $5,075.00
15-Jan 4 $725.00 $2,900.00 3 $725.00 $2,175.00
Ending Inventory 3 $2,175.00
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