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 Inventory | 100 units (purchased for $1.00 each) |
| Purchase - January 6th | 200 units (purchased for $1.20 each) |
| Sale - January 10th | 110 units (sold for $2.40 each) |
| Purchase - January 14th | 100 units (purchased for $1.30 each) |
| Sale - January 29th | 170 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.
