Company ending inventory and cost of goods sold under different cost flow assump6ons. REI had 300 YeP mugs on hand at January 2, 2023, cosPng $16 each. Purchases and sales of YeP mugs during the month of January were as follows: Date Purchases Sales January 12 200 @ $25 January 14 150 @ $17 January 29 100 @ $18 January 30 150 @ $30 REI does not maintain perpetual inventory records, so they use a periodic inventory system. According to a physical count, 200 calculators were on hand at January 31, 2023. 

Required: 1. Calculate the amount of cost of goods sold and ending inventory at January 31, 2023, using the weighted average cost method. 

2. Calculate the amount of cost of goods sold and ending inventory at January 31, 2023, using the FIFO method. 

3. Calculate the amount of cost of goods sold and ending inventory at January 31, 2023, using the LIFO method. 

4. IF REI reports its ending inventory at LIFO on its balance sheet on January 31, 2023, what is the amount of the LIFO reserve that must be disclosed in REI's inventory notes?  

Answer rating: 100% (QA)

1 Weighted Average Cost Method Calculate the total cost of goods available for sale 16 beginning inv... View the full answer