Mogul Processing maintains its internal inventory records using average cost under a perpetual inventory system. The following information relates to its inventory during the year:
January Beginning inventory units.
February Purchased units for $ each.
March Sold units for $ each.
August Purchased units for $ each.
September Sold units for $ each.
November Purchased units for $ each.
December Ending inventory units.
Required:
Determine the amount Mogul would calculate internally for ending inventory and cost of goods sold using average cost under a perpetual inventory system. Beginning inventory under average cost was units with a average cost of $ each.
Determine the amount Mogul would report externally for ending inventory and cost of goods sold using lastin firstout LIFO under a periodic inventory system. Beginning inventory under LIFO was units with a cost of $ each.
Determine the amount Mogul would report for its LIFO reserve at the end of the year.
Record the yearend adjusting entry for the LIFO reserve. The balance of the LIFO reserve at the beginning of the year was $
