erpetual System— Calculating Ending Inventory and Cost of Sales using Moving Average, FIFO, and LIFO April Inc. maintain...
erpetual System— Calculating Ending Inventory and Cost of Sales using Moving Average, FIFO, and LIFO
April Inc. maintains a perpetual inventory system and recorded the following information for the month of January.
| Date | Units | Unit Cost |
|---|---|---|
| Inventory, January 1 | 855 | $10.50 |
| Purchase, January 10 | 360 | 12.00 |
| Purchase, January 20 | 180 | 13.25 |
| Purchase, January 28 | 540 | 14.00 |
| Sale, January 5 | 450 | |
| Sale, January 13 | 180 | |
| Sale, January 31 | 288 | |
| Inventory, January 31 | 1,017 |
Required
Compute ending inventory and cost of goods sold for the month ending January 31 using the method indicated below.
Note: Round your final answers to the nearest dollar.
Note: Do not round costs per unit in your calculations.
| Ending Inventory | COGS | |
|---|---|---|
| 1. Moving average method. | Answer | Answer |
| 2. FIFO method. | Answer | Answer |
| 3. LIFO method. | Answer | Answer |
Homework Answers
Summary Table:
| Ending Inventory | COGS | |
| Moving Average Method | 12859 | 10384 |
| FIFO Method | 13509 | 9733.5 |
| LIFO Method | 12325.5 | 10917 |
Add Answer to:
erpetual System— Calculating Ending Inventory and Cost of Sales using Moving Average, FIFO, and LIFO April Inc. maintain...
Perpetual System— Calculating Ending Inventory and Cost of Sales using Moving Average, FIFO, and LIFO April...
Perpetual System— Calculating Ending Inventory and Cost
of Sales using Moving Average, FIFO, and LIFO
April Inc. maintains a perpetual inventory system and recorded
the following information for the month of January.
Required
Compute ending inventory and cost of goods sold for the month
ending January 31 using the method indicated below.
Note: Round your final answers to the nearest
dollar.
Note: Do not round costs per unit in
your calculations.
Ending Inventory
COGS
1. Moving average method.
2. FIFO...
Perpetual System- Calculating Ending Inventory and cost of Sales using Moving Average, FIFO, and LIFO April...
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Perpetual System— Calculating Ending Inventory and Cost
of Sales using Moving Average, FIFO, and LIFO
April Inc. maintains a perpetual inventory system and recorded
the following information for the month of January.
Required
Compute ending inventory and cost of goods sold for the month
ending January 31 using the method indicated below.
Note: Round your final answers to the nearest
dollar.
Note: Do not round costs per unit in
your calculations.
Ending Inventory
COGS
1. Moving average method.
2. FIFO...
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Compute the cost assigned to ending inventory using (a) FIFO,
(b) LIFO, (c) weighted average, and (d) specific identification.
For specific identification, units sold consist of 600 units from
beginning inventory, 380 from the February 10 purchase, 120 from
the March 13 purchase, 130 from the August 21 purchase, and 205
from the September 5 purchase. (Round your average cost per unit to
2 decimal places.)
Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases...
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