Restoration Company has the following inventory transactions for January:

Opening Inventory January 1st         $32,000 (4,000 units @ $8)
Purchase #1 January 10th                 9,200 units @ $11
Purchase #2 January 15th                 6,000 units @ $12
Sale #1 January 20th                        16,200 units @ $20
Purchase #3 January 25th                 2,000 units @ $14

 

Required 1: What is the cost of goods sold for January if the company uses the FIFO periodic inventory method? $ 

Required 2: What is the Cost of Goods Sold for January if the company uses the LIFO periodic inventory system? $ 

Required 3: What is the Cost of Goods Sold for January if the company uses the Weighted Average periodic inventory system? $ 

Required 4: What is the cost of goods sold for January if the company uses the FIFO perpetual inventory method? $ 

Required 5: What is the Cost of Goods Sold for January if the company uses the LIFO perpetual inventory system? $ 

Required 6: What is the Cost of Goods Sold for January if the company uses the Weighted Average perpetual inventory system? $

Answer rating: 100% (QA)

ANSWER Lets calculate the Cost of Goods Sold COGS for January using various inventory costing methods Given Opening Inventory 32000 4000 units 8 Purch... View the full answer