Perpetual System-Calculating Ending Inventory and Cost of Sales Using Moving Average, FIFO, and LIFO April Inc....

 

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Perpetual System-Calculating Ending Inventory and Cost of Sales Using Moving Average, FIFO, and LIFO April Inc. maintains a perpetual inventory system and recorded the following information for the month of January. Units Unit Cost Date Inventory, January 1 950 $10.50 12.00 400 200 13.25 Purchase, January 10. Purchase, January 20 Purchase, January 28 Sale, January 5 14.00 Sale, January 13 600 500 200 Sale, January 31 320 inventory, January 31 1130- Compute ending inventory and cost of goods sold for the month ending January 31 using the (1) Moving average method, (2) FIFO method, (3) and the LIFO method. Moving average FIFO LIFO (1) Moving average method. *Note: Enter the answers for unit cost in dollars and cents, rounded to the nearest penny. Use the rounded amounts for later calculations. Note: Do not use negative signs with any of your answers. Date January 11 January S January 10 January 13 January 201 January 28 January 31 Units Moving Average Ending Inventory Cost of goods sold $ Purchases Unit Cost 0 $ U 0 0 0 DS DS 0 s Total Cost 0 0 Moving-average method Cost of Sales Unit Cost Units 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ Total Cost 0 0 0 Units 950 0 $ DS 0 $ DS 05 DS Inventory Balance Unit Cost $10.50 0S DS OS DS OS OS Total Cost $9,975 0 0 0 0 0 0 Perpetual System-Calculating Ending Inventory and Cost of Sales Using Moving Average, FIFO, and LIFO April Inc. maintains a perpetual inventory system and recorded the following information for the month of January. Units Unit Cost Date Inventory, January 1 950 $10.50 12.00 400 200 13.25 Purchase, January 10. Purchase, January 20 Purchase, January 28 Sale, January 5 14.00 Sale, January 13 600 500 200 Sale, January 31 320 inventory, January 31 1130- Compute ending inventory and cost of goods sold for the month ending January 31 using the (1) Moving average method, (2) FIFO method, (3) and the LIFO method. Moving average FIFO LIFO (1) Moving average method. *Note: Enter the answers for unit cost in dollars and cents, rounded to the nearest penny. Use the rounded amounts for later calculations. Note: Do not use negative signs with any of your answers. Date January 11 January S January 10 January 13 January 201 January 28 January 31 Units Moving Average Ending Inventory Cost of goods sold $ Purchases Unit Cost 0 $ U 0 0 0 DS DS 0 s Total Cost 0 0 Moving-average method Cost of Sales Unit Cost Units 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ Total Cost 0 0 0 Units 950 0 $ DS 0 $ DS 05 DS Inventory Balance Unit Cost $10.50 0S DS OS DS OS OS Total Cost $9,975 0 0 0 0 0 0

Answer rating: 100% (QA)

To calculate the ending inventory and cost of goods sold using the moving average FIFO and LIFO methods lets go through each method step by step Moving Average Method To calculate the moving average w... View the full answer