Jessica€™s Office Supply, Inc., had 300 calculators on hand at January 1, 2014, costing $16 each. Purchases and sales of calculators during the month of January were as follows:

Jessica does not maintain perpetual inventory records. According to a physical count, 200 calculators were on hand at January 31, 2014.

Required:
1. What is the amount of ending inventory at January 31, 2014, and cost of goods sold for the month ended January 31, 2014, under the FIFO method?
2. What is the amount of ending inventory at January 31, 2014, and cost of goods sold for the month ended January 31, 2014, under the LIFO method?
3. What is the amount of ending inventory at January 31, 2014, and cost of goods sold for the month ended January 31, 2014, under the average costmethod?

Transcribed Image Text:

Date Sales Furchases January 12 14 29 30 200@ $25 150 @ S17 100 @ $18 150@ $30