Date Purchases Sales Units Cost/Unit Units Jan. 1 100 $0.80 Jan. 4 390 0.90 Jan. 5 280 Jan. 10 280 1.00 Jan. 12 200 Jan. 15 190 1.10 Jan. 18 500 1.30 Jan. 22 770 Jan. 27 110 Jan. 31 310 1.50 Required: Calculate the total amount to be assigned to cost of goods sold for January and the ending inventory on January 31, under each of the following methods. In your calculations round the average unit cost to four decimal places and answers to the nearest cent. Cost of Goods Sold Inventory on Hand 1. Perpetual LIFO inventory method $fill in the blank 1 $fill in the blank 2 2. Perpetual moving-average inventory method
Date Purchases Sales Units Cost/Unit Units Jan. 1 100 $0.80 Jan. 4 390 0.90 Jan. 5 280 Jan. 10 280 1.00 Jan. 12 200 Jan. 15 190 1.10 Jan. 18 500 1.30 Jan. 22 770 Jan. 27 110 Jan. 31 310 1.50 Required: Calculate the total amount to be assigned to cost of goods sold for January and the ending inventory on January 31, under each of the following methods. In your calculations round the average unit cost to four decimal places and answers to the nearest cent. Cost of Goods Sold Inventory on Hand 1. Perpetual LIFO inventory method $fill in the blank 1 $fill in the blank 2 2. Perpetual moving-average inventory method
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 62E
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Question
| Date | Purchases | Sales | |
| Units | Cost/Unit | Units | |
| Jan. 1 | 100 | $0.80 | |
| Jan. 4 | 390 | 0.90 | |
| Jan. 5 | 280 | ||
| Jan. 10 | 280 | 1.00 | |
| Jan. 12 | 200 | ||
| Jan. 15 | 190 | 1.10 | |
| Jan. 18 | 500 | 1.30 | |
| Jan. 22 | 770 | ||
| Jan. 27 | 110 | ||
| Jan. 31 | 310 | 1.50 |
Required:
Calculate the total amount to be assigned to cost of goods sold for January and the ending inventory on January 31, under each of the following methods. In your calculations round the average unit cost to four decimal places and answers to the nearest cent.
| Cost of Goods Sold | Inventory on Hand | |
| 1. Perpetual LIFO inventory method | $fill in the blank 1 | $fill in the blank 2 |
| 2. Perpetual moving-average inventory method |
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