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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. Date Inventory, January 1 Purchase, January 10 Purchase, January 20 Purchase, January 28 Sale, January 5 Sale, January 13 Sale, January 31 Inventory, January 31 Units Unit Cost 665 $10.50 280 12.00 140 13.25 420 14.00 350 140 224 791 Required Compute ending inventory and cost of goods sold for the month ending January 31 using the method indicated below. Note: Round your final answers to the nearest dollar. Note: Do not round costs per unit in your calculations.

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. Date Inventory, January 1 Purchase, January 10 Purchase, January 20 Purchase, January 28 Sale, January 5 Sale, January 13 Sale, January 31 Inventory, January 31 Units Unit Cost 665 $10.50 280 12.00 140 13.25 420 14.00 350 140 224 791 Required Compute ending inventory and cost of goods sold for the month ending January 31 using the method indicated below. Note: Round your final answers to the nearest dollar. Note: Do not round costs per unit in your calculations.

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 12RE: Carla Company uses the perpetual inventory system. The following information is available for...
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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 665 $10.50 280 12.00 140 13.25 14.00 Date Inventory, January 1 Purchase, January 10 Purchase, January 20 Purchase, January 28 Sale, January 5 Sale, January 13 Sale, January 31 Inventory, January 31 420 350 140 224 791 Required Compute ending inventory and cost of goods sold for the month ending January 31 using the method indicated below. Note: Round your final answers to the nearest dollar. Note: Do not round costs per unit in your calculations. Ending Inventory COGS 10,382 $ 10,507 9,587 1. Moving average method. $ 2. FIFO method. 3. LIFO method. 8,190 7,571 8,491
Transcribed Image Text: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 665 $10.50 280 12.00 140 13.25 14.00 Date Inventory, January 1 Purchase, January 10 Purchase, January 20 Purchase, January 28 Sale, January 5 Sale, January 13 Sale, January 31 Inventory, January 31 420 350 140 224 791 Required Compute ending inventory and cost of goods sold for the month ending January 31 using the method indicated below. Note: Round your final answers to the nearest dollar. Note: Do not round costs per unit in your calculations. Ending Inventory COGS 10,382 $ 10,507 9,587 1. Moving average method. $ 2. FIFO method. 3. LIFO method. 8,190 7,571 8,491
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