Jayson Company used the perpetual system. Units Unit cost Total cost 8,000 3,000 10,000 11,000 800 70.00 70.50 Jan. 1 Beginning balance 6 Purchase Feb. 5 Sale Mar. 5 Purchase Mar. 8 Purchase return Apr. 10 Sale Apr. 30 Sale return 560,000 211,500 73.50 73.50 808,500 58,800 7,000 300

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Need to solve Perpetual FIFO, LIFO, Weight average and Specific identification.

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Instructions: Calculate the cost of goods sold under FIFO, LIFO, and weighted average cost.  May 5th  100 units for $7 May 10th  70 units for $8 June 3rd   44 units for $5 July 5th    90 units for $6 July 8th    70 units for $4 Total units: 374 units Total cost: $2,300 Number of units sold: 300

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