Reference no: EM131802551

Calculating the : Perpetual Method

Consider the following inventory data for the first two months of the year for CompX International:

	Total Units	Unit Cost	Total Cost
Beginning inventory on hand
January 1	60,000	$2.00	$120,000
Purchases during month
January 5	103,600	2.00	207,200
January 20	293,900	2.10	617,190
	457,500		$944,390
Sales of inventory
January 25	383,900
Beginning inventory at
February 1	73,600
Purchases during month
February 8	282,200	2.20	$620,840
February 23	153,500	2.60	399,100
	509,300
Sales of inventory
February 27	407,600
Ending Inventory	101,700

Required

1. Calculate the cost of goods sold and ending inventory for January and February under each of the following methods, assuming use of a perpetual inventory management system. Round all answers to the nearest whole number.

2. Assume that the replacement cost of CompX International's ending inventory is $2.05 per unit on January 30 and $2.35 per unit on February 28. Calculate the value of the ending inventory for January and February under each of the following methods. Round all answers to the nearest whole number.