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QUESTION
Shown below is the activity for one of the products of Random Creations: January 1 balance, 80 units @$50 $4,000 Purchases: January 18: 40 units at...
Shown below is the activity for one of the products of Random Creations:
January 1 balance, 80 units @$50 $4,000
Purchases:
January 18: 40 units at $51
January 28: 40 units at $52
Sales:
January 12: 30 units
January 22: 30 units
January 31: 45 units
Calculate the ending inventory and COGS, using Average Cost, FIFO and LIFO under both perpetual and period inventory systems.
FIFO MethodBeginning / Goods PurchasedCost of Goods SoldInventory Balance*DateCityRateAmountQItyRateAmountCITYRateAmountJan- 01201 5 50.00 | 5\4, 000. 00BOY 550.0 0 | 54, 00 0....