April Inc. maintains a perpetual inventory system and recorded the following information for the month of January. Date Units Unit Cost Inventory, January 1 950 $10.50 Purchase, January 10 400 12.00 Purchase, January 20 200 13.25 600 14,00 Purchase, January 28 Sale, January 5 500 Sale, January 13 200 Sale, January 31 320 Inventory, January 31 1130 Compute ending inventory and cost of goods sold for the month ending January 31 using the (1) Moving average method, (2) FIFO method, (3) and the LIFO method. Moving average FIFO LIFO (1) Moving average method •Note: Enter the answers for unit cost in dollars and cents, rounded to the nearest penny. Use the rounded amounts for later calculations. •Note: Do not use negative signs with any of your answers. Date January 1 January 5 January 10 January 13 January 20 January 28 January 31 Units Moving Average Ending Inventory Cost of goods sold $ 0$ 0 Purchases Unit Cost 0 0 0 0 $ 0$ 0$ Total Cost 0 0 0 Moving-average method Cost of Sales Units 0 $ 0$ 0 $ Unit Cost 0$ 0$ 0$ Total Cost 0 0 0 Units 950 0$ 0 $ 0 $ 0$ 0$ 0 $ Inventory Balance Unit Cost $10.50 0$ 0$ 0$ 0$ 0$ 0$ Total Cost $9,975 0 0 0 0 0 0

April Inc. maintains a perpetual inventory system and recorded the following information for the month of January. Date Units Unit Cost Inventory, January 1 950 $10.50 Purchase, January 10 400 12.00 Purchase, January 20 200 13.25 600 14,00 Purchase, January 28 Sale, January 5 500 Sale, January 13 200 Sale, January 31 320 Inventory, January 31 1130 Compute ending inventory and cost of goods sold for the month ending January 31 using the (1) Moving average method, (2) FIFO method, (3) and the LIFO method. Moving average FIFO LIFO (1) Moving average method •Note: Enter the answers for unit cost in dollars and cents, rounded to the nearest penny. Use the rounded amounts for later calculations. •Note: Do not use negative signs with any of your answers. Date January 1 January 5 January 10 January 13 January 20 January 28 January 31 Units Moving Average Ending Inventory Cost of goods sold $ 0$ 0 Purchases Unit Cost 0 0 0 0 $ 0$ 0$ Total Cost 0 0 0 Moving-average method Cost of Sales Units 0 $ 0$ 0 $ Unit Cost 0$ 0$ 0$ Total Cost 0 0 0 Units 950 0$ 0 $ 0 $ 0$ 0$ 0 $ Inventory Balance Unit Cost $10.50 0$ 0$ 0$ 0$ 0$ 0$ Total Cost $9,975 0 0 0 0 0 0

Name: Perpetual System-Calculating Ending Inventory and Cost of Sales Using
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Description: Perpetual System-Calculating Ending Inventory and Cost of Sales Using Moving Average, FIFO, and LIFOApril Inc. maintains a perpetual inventory system and recorded the following information for the month of January.Units Unit Cost$10.5095040012.00Inv

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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