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
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 50E: Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the...
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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
$10.50
950
400
12.00
Inventory, January 1
Purchase, January 10
Purchase, January 20
Purchase, January 28
Sale, January 5
200
13.25
600
14.00
500
Sale, January 13
200
Sale, January 31
320
Inventory, January 31 1130
Date
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
(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 $
Purchases
Unit
Cost
0 $
0
0
LIFO
0
0
0 $
0 $
0 $
Total
Cost
0
0
0
Moving-average method
Cost of Sales
Unit
Cost
Units
0 $
0 $
0 $
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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F41085227-be75-44e1-8132-fff6acf5e616%2F8d43bb1c-d939-4a2c-920e-9ccd336b5037%2Fevysqnl_processed.png&w=3840&q=75)
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
$10.50
950
400
12.00
Inventory, January 1
Purchase, January 10
Purchase, January 20
Purchase, January 28
Sale, January 5
200
13.25
600
14.00
500
Sale, January 13
200
Sale, January 31
320
Inventory, January 31 1130
Date
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
(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 $
Purchases
Unit
Cost
0 $
0
0
LIFO
0
0
0 $
0 $
0 $
Total
Cost
0
0
0
Moving-average method
Cost of Sales
Unit
Cost
Units
0 $
0 $
0 $
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
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