Periodic and Perpetual Systems Calculating Ending Inventory and Cost of Sales Using Average Cost ( Moving Average
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Periodic and Perpetual SystemsCalculating Ending Inventory and Cost of Sales Using Average Cost Moving Average FIFO, and LIFO
Undew Inc.s inventory records showed the following data for an item it sells regularly.
Date Units Unit Cost
Jan. Inventory beg $
Jan. Purchases $
Jan. Sales at $ per unit
Jan. Purchases $
Jan. Sales at $ per unit
Jan. Purchases $
a Assuming that Undew maintains a periodic inventory system, compute ending inventory and cost of goods sold for the month ending January using average cost, FIFO, and LIFO.
b Assuming that Undew maintains a perpetual inventory system, compute ending inventory and cost of goods sold for the month ending January using moving average, FIFO, and LIFO.
Related Book For
Intermediate Accounting
ISBN: 978-0071339476
Volume 1, 6th Edition
Authors: Beechy Thomas, Conrod Joan, Farrell Elizabeth, McLeod Dick I
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