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Use the following information to answer the questions relating to Mugudia: Mugudia and Daughters Company is a...

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Accounting

Use the following information to answer the questions relatingto Mugudia:

Mugudia and Daughters Company is a wholesale seed distributor.The records reflected the following for January Year 1. Allpurchases and sales were made in cash.

Beginning Inventory100 units (purchased for $1.00 each)
Purchase - January 6th200 units (purchased for $1.20 each)
Sale - January 10th110 units (sold for $2.40 each)
Purchase - January 14th100 units (purchased for $1.30 each)
Sale - January 29th170 units (sold for $2.60 each)

a. Calculate January Year 1 cost of goods sold for Mugudia,assuming that Mugudia uses the FIFO cost flow assumption and aperpetual inventory system.

b. Calculate January Year 1 ending inventory for Mugudia,assuming that Mugudia uses the LIFO cost flow assumption and aperpetual inventory system.

c. Calculate January Year 1 gross profit assuming that Mugudiauses the LIFO cost flow assumption and a periodic inventorysystem.

d. Calculate January Year 1 cost of goods sold for Mugudia,assuming that Mugudia uses the periodic inventory system and aweighted-average cost flow assumption.

Answer & Explanation Solved by verified expert
3.9 Ratings (802 Votes)
a Calculate January Year 1 cost of goods sold for Mugudia assuming that Mugudia uses the FIFO cost flow assumption and a perpetual inventory system FIFOPerpetual Purchase Cost of goods sold Ending inventory Date Units Cost units Total cost Units Cost units Total cost Units Cost units Total cost Beginning inventory 100 1 100 Jan06 200 12 240 100 1 100 200 12 240 Jan10 100 1 100 10 12    See Answer
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