Reference no: EM132326544

Question

Shown below is activity for one of the products of a company:

January 1 balance, 220 units at $50 for a total of $11,000

Purchases: January 10-200 units at $42

January 20-500 units at $55

Sales: January 12-350 units

January 28-425 units

a. Compute the ending inventory and cost of goods sold assuming the company uses FIFO.

b. Compute the ending inventory and cost of goods sold assuming it uses LIFO and perpetual inventory system.

c. Compute the ending inventory and cost of goods sold assuming it uses average cost and a perpetual inventory system.

d. Compute the ending inventory and cost of goods sold assuming it uses LIFO and a periodic inventory system.

e. Compute the ending inventory and costs of goods sold assuming it uses average cost and periodic inventory system.

Please Show all your Work