Solution-Compute ending inventory and cost of goods sold

Compute ending inventory and cost of goods sold

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Question - Undew Inc.'s inventory records showed the following data for an item it sells regularly.

Date	Units	Unit Cost
Jan. 1 Inventory	1,600	$10.00
Jan. 3 Purchases	14,400	$10.40
Jan. 7 Sales (at $26 per unit)	5,600
Jan. 20 Purchases	4,800	$11.00
Jan. 22 Sales (at $27 per unit)	12,800
Jan. 30 Purchases	2,400	$12.00

a. Assuming that Undew maintains a periodic inventory system, compute ending inventory and cost of goods sold for the month ending January 31 using (1) average cost, (2) FIFO, and (3) LIFO.

b. Assuming that Undew maintains a perpetual inventory system, compute ending inventory and cost of goods sold for the month ending January 31 using (1) moving average, (2) FIFO, and (3) LIFO.

Reference no: EM133171267

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Compute ending inventory and cost of goods sold

Reference no: EM133171267

Reference no: EM133171267

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