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Undew Inc.'s inventory records showed the following data for an item it sells regularly. Date Jan. 1 Inventory (beg.) Jan. 3 Purchases Jan. 7 Sales (at $26 per unit) Jan. 20 Purchases Jan. 22 Sales (at $27 per unit) 19,200 Jan. 30 Purchases 3,600 Units Unit Cost 2,400 $10.00 21,600 $10.40 8,400 7,200 $11.00 $12.00 a. Assuming that Undew maintains a periodic inventory system, compute ending inventory and cost of goods sold for the month ending January 31 using (1) average cost, (2) FIFO, and (3) LIFO. b. Assuming that Undew maintains a perpetual inventory system, compute ending inventory and cost of goods sold for the month ending January 31 using (1) moving average, (2) FIFO, and (3) LIFO. Average cost (periodic) FIFO (periodic) LIFO (periodic) Moving average (perpetual) FIFO (perpetual) LIFO (perpetual)

Undew Inc.'s inventory records showed the following data for an item it sells regularly. Date Jan. 1 Inventory (beg.) Jan. 3 Purchases Jan. 7 Sales (at $26 per unit) Jan. 20 Purchases Jan. 22 Sales (at $27 per unit) 19,200 Jan. 30 Purchases 3,600 Units Unit Cost 2,400 $10.00 21,600 $10.40 8,400 7,200 $11.00 $12.00 a. Assuming that Undew maintains a periodic inventory system, compute ending inventory and cost of goods sold for the month ending January 31 using (1) average cost, (2) FIFO, and (3) LIFO. b. Assuming that Undew maintains a perpetual inventory system, compute ending inventory and cost of goods sold for the month ending January 31 using (1) moving average, (2) FIFO, and (3) LIFO. Average cost (periodic) FIFO (periodic) LIFO (periodic) Moving average (perpetual) FIFO (perpetual) LIFO (perpetual)

Intermediate Accounting: Reporting And Analysis
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 11RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...
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please include avg cost (periodic, fifo (periodic, lifo (periodic), moving avg (perpetual), fifo (perpetual, lifo (perpetual) PLEASE FOLLOW FORMATTING IN YOUR ANSWER THANK YOU Image format not allow
Undew Inc.'s inventory records showed the following data for an item it sells regularly. Date Jan. 1 Inventory (beg.) Jan. 3 Purchases Jan. 7 Sales (at $26 per unit) 8,400 Jan. 20 Purchases Jan. 22 Sales (at $27 per unit) 19,200 Jan. 30 Purchases 3,600 Units Unit Cost 2,400 $10.00 21,600 $10.40 a. Assuming that Undew maintains a periodic inventory system, compute ending inventory and cost of goods sold for the month ending January 31 using (1) average cost, (2) FIFO, and (3) LIFO. 7,200 $11.00 b. Assuming that Undew maintains a perpetual inventory system, compute ending inventory and cost of goods sold for the month ending January 31 using (1) moving average, (2) FIFO, and (3) LIFO. Unit cost $ Average cost (periodic) FIFO (periodic) LIFO (periodic) Moving average (perpetual) (1) Average cost method (periodic) Numerator 2,400 x + $12.00 Computation of Weighted Average Unit Cost Denominator Result 10.66 x = $ Average Cost (Periodic) Cost of goods available for sale $ Ending Inventory Cost of goods sold $ •Note: Use the result EXACTLY as displayed above in the calculations below. Note: Do not use negative signs with any of your answers. • Note: Round your final answers to the nearest whole dollar. 225.14 871,040 x 7,677 x 871,040 x FIFO (perpetual) LIFO (perpetual)
Transcribed Image Text:Undew Inc.'s inventory records showed the following data for an item it sells regularly. Date Jan. 1 Inventory (beg.) Jan. 3 Purchases Jan. 7 Sales (at $26 per unit) 8,400 Jan. 20 Purchases Jan. 22 Sales (at $27 per unit) 19,200 Jan. 30 Purchases 3,600 Units Unit Cost 2,400 $10.00 21,600 $10.40 a. Assuming that Undew maintains a periodic inventory system, compute ending inventory and cost of goods sold for the month ending January 31 using (1) average cost, (2) FIFO, and (3) LIFO. 7,200 $11.00 b. Assuming that Undew maintains a perpetual inventory system, compute ending inventory and cost of goods sold for the month ending January 31 using (1) moving average, (2) FIFO, and (3) LIFO. Unit cost $ Average cost (periodic) FIFO (periodic) LIFO (periodic) Moving average (perpetual) (1) Average cost method (periodic) Numerator 2,400 x + $12.00 Computation of Weighted Average Unit Cost Denominator Result 10.66 x = $ Average Cost (Periodic) Cost of goods available for sale $ Ending Inventory Cost of goods sold $ •Note: Use the result EXACTLY as displayed above in the calculations below. Note: Do not use negative signs with any of your answers. • Note: Round your final answers to the nearest whole dollar. 225.14 871,040 x 7,677 x 871,040 x FIFO (perpetual) LIFO (perpetual)
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