Reference no: EM132956330
Jessica's Office Supply, Inc., had 300 calculators on hand at January 1, 20X1, costing $16 each. Purchases and sales of calculators during the month of January were as follows:
Date Purchases Sales
January
12 200 @ $25
14 150 @ $17
29 100 @ $18
30 150 @ $30
Jessica does not maintain perpetual inventory records. According to a physical count, 200 calculators were on hand at January 31, 20X1.
Required:
Problem 1: What is the amount of ending inventory at January 31, 20X1, and cost of goods sold for the month ended January 31, 20X1, under the FIFO method?
Problem 2: What is the amount of ending inventory at January 31, 20X1, and cost of goods sold for the month ended January 31, 20X1, under the LIFO method?
Problem 3: What is the amount of ending inventory at January 31, 20X1, and cost of goods sold for the month ended January 31, 20X1, under the average cost method?
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