Question: Hello! Need help with this problem, LIFO, FIFO, WA and Periodic vs. Perpetual confusing me - could you show process too? Thanks!! 4. Metro Mart

Hello! Need help with this problem, LIFO, FIFO, WA and Periodic vs. Perpetual confusing me - could you show process too? Thanks!!

4. Metro Mart Co. sells one product. Presented below is information for January 2022 for Metro.

Date 1/1/22 Inventory 100 units at $5 each 1/4/22 Sale 80 units at $8 each 1/11/22 Purchase 150 units at $6 each 1/13/22 Sales 120 units at $8.50 each 1/20/22 Purchase 150 units at $7 each 1/27/22 Sales 100 units at $9 each

Compute the following costs:

1) Cost of goods sold under weighted average cost (periodic).

2) Cost of ending inventory under FIFO (periodic).

3) Cost of goods sold under LIFO (periodic)

4) Cost of ending inventory under moving average (perpetual).

5) Cost of goods sold under FIFO (perpetual).

6) Cost of goods sold under LIFO (perpetual).

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!