April Inc. maintains a perpetual inventory system and recorded the following information for the month of January. Date Units Unit Cost Inventory, January 1 950 $10.50 Purchase, January 10 400 12.00 Purchase, January 20 200 13.25 Purchase, January 28 600 14.00 Sale, January 5 500 Sale, January 13 200 Sale, January 31 320 Inventory, January 31 1,130 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 method. Answer Answer 2. FIFO method. Answer Answer 3. LIFO method. Answer Answer
April Inc. maintains a perpetual inventory system and recorded the following information for the month of January. Date Units Unit Cost Inventory, January 1 950 $10.50 Purchase, January 10 400 12.00 Purchase, January 20 200 13.25 Purchase, January 28 600 14.00 Sale, January 5 500 Sale, January 13 200 Sale, January 31 320 Inventory, January 31 1,130 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 method. Answer Answer 2. FIFO method. Answer Answer 3. LIFO method. Answer Answer
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 12RE: Carla Company uses the perpetual inventory system. The following information is available for...
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April Inc. maintains a perpetual inventory system and recorded the following information for the month of January.
Date | Units | Unit Cost |
---|---|---|
Inventory, January 1 | 950 | $10.50 |
Purchase, January 10 | 400 | 12.00 |
Purchase, January 20 | 200 | 13.25 |
Purchase, January 28 | 600 | 14.00 |
Sale, January 5 | 500 | |
Sale, January 13 | 200 | |
Sale, January 31 | 320 | |
Inventory, January 31 | 1,130 |
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 method. | Answer | Answer |
2. FIFO method. | Answer | Answer |
3. LIFO method. | Answer | Answer |
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