Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. perpetual system-calculating ending inventory and

Perpetual System-Calculating Ending Inventory and Cost of Sales using Moving Average, FIFO, and LIFO April...

50.1K

Verified Solution

Question

Accounting

image
Perpetual System-Calculating Ending Inventory and Cost of Sales using Moving Average, FIFO, and LIFO April Inc. maintains a perpetual inventory system and recorded the following information for the month of January Date Units Unit Cost Inventory, January 11,425 $10.50 Purchase, January 10 600 12.00 Purchase, January 20 300 13.25 Purchase, January 28 900 14.00 Sale, January 5 750 Sale, January 13 300 Sale, January 31 480 Inventory, January 31 1,695 Required Compute ending inventory and cost of goods sold for the month ending January 31 using the method indicated below. Note: Round your final answers to the nearest dollar Note: Do not round costs per unit in your calculations Ending Inventory COGS 1. Moving average methods 2. FIFO method 3. LIFO method Save Answers

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

HOW Multiple Choice O O O by increasing the availability of dopamine and serotonin in...

Biology
Q

Susan's math teacher assigned x homework problems on Monday. On Tuesday, she assigned 13 more...

Basic Math
Q

1. Suppose sin(A) = 3/4 Use the trig identity sin (A) + cos (A) =...

Basic Math
Q

Opposite vectors have O the same magnitude and direction the same direction the same magnitude...

Calculus
Q

Graph the follwing function by hand and support your sketch with a calculator graph Give...

Calculus
Q

Write the equation for the graph below 40 y 3 7 6 Write an equation...

Calculus
Q

(a) Explain the legal provisions regarding the establishment and subsequent use of the following...

Accounting
Q

Required information [The following information applies to the questions displayed below.] Company A sold 100...

Accounting
Q

[The following information applies to the questions displayed below.,] Iguana, Inc., manufactures bamboo picture frames...

Accounting
Q

Silver Company makes a product that is very popular as a Mother's Day gift. Thus,...

Accounting
Q

Gilliland Airlines is considering two alternatives for the financing of a purchase of a fleet...

Accounting
Q

During 2023, Jasmine (age 12) received $6,850 from a corporate bond. She also received $670...

Accounting