Using a perpetual inventory system. This company's beginning inventory of a product and its purchases during the month of January were as follows.                                          Quantity    Unit Cost     Total Cost Beginning inventory(Jan 1)   180             $50                   $9,000 Purchase(Jan. 9)                     90               $55                   $4,950 Purchase(Jan. 22)                   90              $56                   $5,040 Total                                      360                                     $18,990 On Jan 24. the company sold 200 units of this product. The other 160 units remain in inventory at Jan. 31.  Determine the Cost of Goods Sold using LIFO, FIFO, and Average Cost.

Question

Using a perpetual inventory system. This company's beginning inventory of a product and its purchases during the month of January were as follows.

                                         Quantity    Unit Cost     Total Cost

Beginning inventory(Jan 1)   180             $50                   $9,000

Purchase(Jan. 9)                     90               $55                   $4,950

Purchase(Jan. 22)                   90              $56                   $5,040

Total                                      360                                     $18,990

On Jan 24. the company sold 200 units of this product. The other 160 units remain in inventory at Jan. 31. 

Determine the Cost of Goods Sold using LIFO, FIFO, and Average Cost.

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