ACCT $3331$ Homework assignment$$ Due Tuesday, October $29,2024$

Inventory cost flow assumptions

You had beginning inventory, purchases and sales during the month of January as follows:

$$ # units$$ Unit cost

Jan $1$ Beginning inventory$2,500$ $$20\mathrm{.}00$

Jan $4$ Sold $1,500$ units$(1,500)$

Jan $10$ Purchase$1,500$ $$23\mathrm{.}00$

Jan $22$ Sold $750$ units$(750)$

Jan $28$ Sold $500$ units$(500)$

Jan $30$ Purchase$1,400$ $$25\mathrm{.}00$

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Determine Cost of Goods Sold and Ending Inventory using each of the following assumptions.$$ Write your answers below but............

SHOW YOUR WORK!!

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Answers should be in Dollars, not Units

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Perpetual$$ Cost of Goods Sold$$ Ending inventory

$$ FIFO$$ $$\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$ $$\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$

$$ LIFO$$ $$\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$ $$\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$

Periodic

FIFO$$ $$\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$ $$\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$

$$ LIFO$$ $$\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$ $$\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$

Average$$ $$\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$ $$\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$

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Aber Company manufactures one product. On December $31,20$X$0,$ Aber adopted the dollar$-$value LIFO inventory method. The inventory on that date using the dollar$-$value LIFO inventory method was $$900,000.$ Inventory data are as follows:

$$ Inventory at$$ Price index

Year$$ year$-$end prices $($base year $20$X$0)$

$20$X$1$ $$1\mathrm{.}260,0001\mathrm{.}05$

$20$X$21,840,0001\mathrm{.}15$

$20$X$31,900,0001\mathrm{.}25$

Instructions$$ Compute the inventory at December $31,20$X$1,20$X$2,$ and $20$X$3,$ using the dollar$-$value LIFO method for each year.