Chris Tinsley ASsociates provided the following information regarding its inventory for the current year, its second...

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Chris Tinsley ASsociates provided the following information regarding its inventory for the current year, its second year of operations. Requirement Compute Chris Tinsley's ending inventory and cost of goods sold under each of the following cost-flow methods assuming that the company uses a perpetual inventory system (round your answer for cost per unit to two decimal places): (Click the icon to view the information.) a. Moving Average b. FIFO c. LIFO Requirement a. Compute Chris Tinsley's ending inventory and cost of goods sold under the moving-average cost-flow method assuming that the company uses a perpetual inventory system. Begin by entering Chris Tinsley's purchase and sale transactions in chronological order one line at a time, calculating a new moving-average cost per unit after every transaction. (Use a minus sign or parentheses for units sold or for a reduction in cost. Round your answer for cost per unit to the nearest cent.) Transaction Units Units Unit Cost Total Cost Beginning inventory 1/1 11,000 19 $ 209,000 Purchases February 8 29,000 25 725,000 18,500 499,500 March 15 27 Subtotal 58,500 $ 1,433,500 Units Sold - April 2 at $38 50,000 April 30 35,000 33 1,155,000 13,000 468,000 July 15 36 Subtotal 106,500 $ 3,056,500 Units Sold - September 1 at $51 25,500 November 9 32,500 27 877,500 $ 3,934,000 Total available for sale 139,000 Total units sold (75,500) 63,500 Ending inventory Chris Tinsley ASsociates provided the following information regarding its inventory for the current year, its second year of operations. Requirement Compute Chris Tinsley's ending inventory and cost of goods sold under each of the following cost-flow methods assuming that the company uses a perpetual inventory system (round your answer for cost per unit to two decimal places): (Click the icon to view the information.) a. Moving Average b. FIFO c. LIFO Requirement a. Compute Chris Tinsley's ending inventory and cost of goods sold under the moving-average cost-flow method assuming that the company uses a perpetual inventory system. Begin by entering Chris Tinsley's purchase and sale transactions in chronological order one line at a time, calculating a new moving-average cost per unit after every transaction. (Use a minus sign or parentheses for units sold or for a reduction in cost. Round your answer for cost per unit to the nearest cent.) Transaction Units Units Unit Cost Total Cost Beginning inventory 1/1 11,000 19 $ 209,000 Purchases February 8 29,000 25 725,000 18,500 499,500 March 15 27 Subtotal 58,500 $ 1,433,500 Units Sold - April 2 at $38 50,000 April 30 35,000 33 1,155,000 13,000 468,000 July 15 36 Subtotal 106,500 $ 3,056,500 Units Sold - September 1 at $51 25,500 November 9 32,500 27 877,500 $ 3,934,000 Total available for sale 139,000 Total units sold (75,500) 63,500 Ending inventory

Answer rating: 100% (QA)

a Moving average method COGS Purchase Total cost Per unit Date Units Unit cost Units Sold Unit sold ... View the full answer