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Undew Inc.'s inventory records showed the following data for an item it sells regularly. Date Jan. 1 Inventory (beg.) Jan. 3 Purchases Jan. 7 Sales (at $26 per unit) Jan. 20 Purchases Jan. 22 Sales (at $27 per unit) 19,200 Jan. 30 Purchases 3,600 Units Unit Cost 2,400 $10.00 21,600 $10.40 8,400 7,200 $11.00 $12.00 a. Assuming that Undew maintains a periodic inventory system, compute ending inventory and cost of goods sold for the month ending January 31 using (1) average cost, (2) FIFO, and (3) LIFO. b. Assuming that Undew maintains a perpetual inventory system, compute ending inventory and cost of goods sold for the month ending January 31 using (1) moving average, (2) FIFO, and (3) LIFO. Average cost (periodic) FIFO (periodic) LIFO (periodic) Moving average (perpetual) FIFO (perpetual) LIFO (perpetual)

Undew Inc.'s inventory records showed the following data for an item it sells regularly. Date Jan. 1 Inventory (beg.) Jan. 3 Purchases Jan. 7 Sales (at $26 per unit) Jan. 20 Purchases Jan. 22 Sales (at $27 per unit) 19,200 Jan. 30 Purchases 3,600 Units Unit Cost 2,400 $10.00 21,600 $10.40 8,400 7,200 $11.00 $12.00 a. Assuming that Undew maintains a periodic inventory system, compute ending inventory and cost of goods sold for the month ending January 31 using (1) average cost, (2) FIFO, and (3) LIFO. b. Assuming that Undew maintains a perpetual inventory system, compute ending inventory and cost of goods sold for the month ending January 31 using (1) moving average, (2) FIFO, and (3) LIFO. Average cost (periodic) FIFO (periodic) LIFO (periodic) Moving average (perpetual) FIFO (perpetual) LIFO (perpetual)

Cornerstones of Financial Accounting
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 50E: Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the...
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please include avg cost (periodic, fifo (periodic, lifo (periodic), moving avg (perpetual), fifo (perpetual, lifo (perpetual) PLEASE FOLLOW FORMATTING IN YOUR ANSWER THANK YOU Image format not allow
Undew Inc.'s inventory records showed the following data for an item it sells regularly. Date Jan. 1 Inventory (beg.) Jan. 3 Purchases Jan. 7 Sales (at $26 per unit) 8,400 Jan. 20 Purchases Jan. 22 Sales (at $27 per unit) 19,200 Jan. 30 Purchases 3,600 Units Unit Cost 2,400 $10.00 21,600 $10.40 a. Assuming that Undew maintains a periodic inventory system, compute ending inventory and cost of goods sold for the month ending January 31 using (1) average cost, (2) FIFO, and (3) LIFO. 7,200 $11.00 b. Assuming that Undew maintains a perpetual inventory system, compute ending inventory and cost of goods sold for the month ending January 31 using (1) moving average, (2) FIFO, and (3) LIFO. Unit cost $ Average cost (periodic) FIFO (periodic) LIFO (periodic) Moving average (perpetual) (1) Average cost method (periodic) Numerator 2,400 x + $12.00 Computation of Weighted Average Unit Cost Denominator Result 10.66 x = $ Average Cost (Periodic) Cost of goods available for sale $ Ending Inventory Cost of goods sold $ •Note: Use the result EXACTLY as displayed above in the calculations below. Note: Do not use negative signs with any of your answers. • Note: Round your final answers to the nearest whole dollar. 225.14 871,040 x 7,677 x 871,040 x FIFO (perpetual) LIFO (perpetual)
Transcribed Image Text:Undew Inc.'s inventory records showed the following data for an item it sells regularly. Date Jan. 1 Inventory (beg.) Jan. 3 Purchases Jan. 7 Sales (at $26 per unit) 8,400 Jan. 20 Purchases Jan. 22 Sales (at $27 per unit) 19,200 Jan. 30 Purchases 3,600 Units Unit Cost 2,400 $10.00 21,600 $10.40 a. Assuming that Undew maintains a periodic inventory system, compute ending inventory and cost of goods sold for the month ending January 31 using (1) average cost, (2) FIFO, and (3) LIFO. 7,200 $11.00 b. Assuming that Undew maintains a perpetual inventory system, compute ending inventory and cost of goods sold for the month ending January 31 using (1) moving average, (2) FIFO, and (3) LIFO. Unit cost $ Average cost (periodic) FIFO (periodic) LIFO (periodic) Moving average (perpetual) (1) Average cost method (periodic) Numerator 2,400 x + $12.00 Computation of Weighted Average Unit Cost Denominator Result 10.66 x = $ Average Cost (Periodic) Cost of goods available for sale $ Ending Inventory Cost of goods sold $ •Note: Use the result EXACTLY as displayed above in the calculations below. Note: Do not use negative signs with any of your answers. • Note: Round your final answers to the nearest whole dollar. 225.14 871,040 x 7,677 x 871,040 x FIFO (perpetual) LIFO (perpetual)
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