1. Question: January 1:

   • Activity: Beginning inventory
   • Units Acquired: 160 units
   • Cost per Unit: $2
   • Total Cost: $320

2. January 3:

   • Activity: Sales
   • Units Sold: 110 units
   • Selling Price per Unit: $8

To calculate the Cost of Goods Sold (COGS), we need to determine the cost of the units sold.

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8.33 bints Date January 1 January 3 February 14 February 15 June 30 Activities Beginning inventory Sale's Purchase Sales Purchase Sales Purchase November 6 November 19 Totals eBook Ask Print References Ic raw Units Acquired at Cost Units Sold at Retail 160 units @ $2 = $ 320 110 units @ $ 8 246 units @ $3 = $ 738 180 units @ $ 8 210 units @ $4 = $ 840 158 units @ $ 8 68 units 684 units @ $5 = $ 340 $ 2,238 448 units. Required: The company uses a perpetual inventory system. a. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. b. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. c. Compute the gross profit for each method. Complete this question by entering your answers in the tabs below. Required A Required B Required C Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purchased Date # of units Cost per unit # of units sold Cost of Goods Sold Cost per unit Cost of Goods Sold # of units Inventory Balance Cost per Inventory January 1 January 3 February 14 Total February 14 February 15 Total February 15 210 at $ 4.00 160 at unit $ 2.00 Balance = $ 320.00 110 at $ 2.00 = $ 220.00 50 at $ 2.00 = $ 100.00 246 at $ 3.00 50 at 246 at $ 2.00 = $ 3.00 = $ 100.00 738.00 $ 838.00 50 at 130 at $ 2.00 = $ 3.00 = $ 100.00 390.00 180 at 116 at $ 2.00 = $ 360.00 $ 3.00 = $ 348.00 $ 490.00 $ 708.00 June 30 116 at 116 at 168 at $ 2.00 = $ 3.00 = $ 4.00 = $ 232.00 Total June 30 348.00 672.00 $1,252.00 Prove 8.33 bints Date January 1 January 3 February 14 February 15 June 30 Activities Beginning inventory Sale's Purchase Sales Purchase Sales Purchase November 6 November 19 Totals eBook Ask Print References Ic raw Units Acquired at Cost Units Sold at Retail 160 units @ $2 = $ 320 110 units @ $ 8 246 units @ $3 = $ 738 180 units @ $ 8 210 units @ $4 = $ 840 158 units @ $ 8 68 units 684 units @ $5 = $ 340 $ 2,238 448 units. Required: The company uses a perpetual inventory system. a. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. b. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. c. Compute the gross profit for each method. Complete this question by entering your answers in the tabs below. Required A Required B Required C Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purchased Date # of units Cost per unit # of units sold Cost of Goods Sold Cost per unit Cost of Goods Sold # of units Inventory Balance Cost per Inventory January 1 January 3 February 14 Total February 14 February 15 Total February 15 210 at $ 4.00 160 at unit $ 2.00 Balance = $ 320.00 110 at $ 2.00 = $ 220.00 50 at $ 2.00 = $ 100.00 246 at $ 3.00 50 at 246 at $ 2.00 = $ 3.00 = $ 100.00 738.00 $ 838.00 50 at 130 at $ 2.00 = $ 3.00 = $ 100.00 390.00 180 at 116 at $ 2.00 = $ 360.00 $ 3.00 = $ 348.00 $ 490.00 $ 708.00 June 30 116 at 116 at 168 at $ 2.00 = $ 3.00 = $ 4.00 = $ 232.00 Total June 30 348.00 672.00 $1,252.00 Prove