Undew Inc's inventory records showed the following data for an item it sells regularly. Date Units Unit Cost Jan. 1 Inventory $10.00 4,000 Jan. 3 Purchases 36.000 $10.40 Jan. 7 Sales (at $26 per unit) 14,000 12.000 Jan. 20 Purchases $11.00 Jan. 22 Sales (at $27 per unit) 32.000 Jan. 30 Purchases 6.000 $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. Note: Carry all decimals in calculations; round the final answer to the nearest dollar. Periodic Inventory System Ending Inventory COGS 1. Average cost method. 2. FIFO method. 3. LIFO method. 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. Note: Carry all decimals in calculations; round the final answer to the nearest dollar. Perpetual Inventory System Ending Inventory COGS 1. Moving average method, 2. FIFO method. OS 3. LIFO method.

Undew Inc's inventory records showed the following data for an item it sells regularly. Date Units Unit Cost Jan. 1 Inventory $10.00 4,000 Jan. 3 Purchases 36.000 $10.40 Jan. 7 Sales (at $26 per unit) 14,000 12.000 Jan. 20 Purchases $11.00 Jan. 22 Sales (at $27 per unit) 32.000 Jan. 30 Purchases 6.000 $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. Note: Carry all decimals in calculations; round the final answer to the nearest dollar. Periodic Inventory System Ending Inventory COGS 1. Average cost method. 2. FIFO method. 3. LIFO method. 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. Note: Carry all decimals in calculations; round the final answer to the nearest dollar. Perpetual Inventory System Ending Inventory COGS 1. Moving average method, 2. FIFO method. OS 3. LIFO method.

Name: Undew Inc.'s inventory records showed the following data for an item
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Description: Undew Inc.'s inventory records showed the following data for an item it sells regularly.DateUnits Unit CostJan. 1 Inventory4,000$10.00Jan. 3 Purchases36,000$10.40Jan. 7 Sales (at $26 per unit)14,000Jan. 20 Purchases12,000$11.00Jan. 22 Sales (at $27

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 67APSA: Inventory Costing Methods Andersons Department Store has the following data for inventory,...

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