The company RETAILCO, Ltd is dedicated to the wholesale of professional printers. The company uses a perpetual inventory system. On 1st of January the inventory showed a balance of 300 printers for a total value of $60,000 On January 7 the company purchased 120 printers at a price of $250 per unit. On January 20 the company sold 400 printers at a price of $450 per unit. ON January 21 the company purchased 100 more printers at $275/unit. 

 

1.- Calculate the cost of the goods sold for the sale of January 20 relying on the average cost method. Calculate the inventory balance at January 31.

 

2.- Calculate the cost of the goods sold for the sale of January 20 relying on the FIFO method.Calculate the inventory balance at January 31. 

 

3.- Calculate the cost of the goods sold for the sale of January 20 relying on the LIFO method. Calculate the inventory balance at January 31.