The following information is available from ABC co.'s January 2017 inventory records.

Number of Units             Unit cost             Unit price

January 1, 2017                  $2,600                     $10

Purchases on 1/5                2.400                        11

1/8 sales                               $4,000

Buy on 1/15                           8,000                   12

1/22 sales                             $7,000                  $20

Instructions: Calculate the cost of goods sold for January 2017 using the methods below.

1) FIFO with perpetual inventory.

2) Weighted average. (Periodic system).

3) Moving average. (Continuous system).

4) LIFO with periodic inventory.

5) LIFO with perpetual inventory.

Answer rating: 100% (QA)

SOLUTION FIFO with perpetual inventory The cost of goods sold using FIFO with perpetual inventory can be calculated as follows The first sale of 4000 ... View the full answer