Use the following information to answer the questions relating to Mugudia:

Mugudia and Daughters Company is a wholesale seed distributor. The records reflected the following for January Year 1. All purchases and sales were made in cash.

Beginning Inventory	100 units (purchased for $1.00 each)
Purchase - January 6th	200 units (purchased for $1.20 each)
Sale - January 10th	110 units (sold for $2.40 each)
Purchase - January 14th	100 units (purchased for $1.30 each)
Sale - January 29th	170 units (sold for $2.60 each)

a. Calculate the January Year 1 cost of goods sold for Mugudia, assuming that Mugudia uses the FIFO cost flow assumption and a perpetual inventory system.

b. Calculate January Year 1 ending inventory for Mugudia, assuming that Mugudia uses the LIFO cost flow assumption and a perpetual inventory system.

c. Calculate January Year 1 gross profit assuming that Mugudia uses the LIFO cost flow assumption and a periodic inventory system.

d. Calculate January Year 1 cost of goods sold for Mugudia, assuming that Mugudia uses the periodic inventory system and a weighted-average cost flow assumption.

Answer rating: 100% (QA)

a Calculate January Year 1 co... View the full answer