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Business, 20.04.2020 22:09 adeline12401

Periodic and Perpetual Systems-Calculating Ending Inventory and Cost of Sales using Average Cost (Moving Average), FIFO, and LIFO Undew Inc.'s inventory records showed the following data for an item it sells regularly. Date Units Unit Cost Jan 1 Inventory 2,000 $10.00 Jan 3 Purchases 18,000 10.40 Jan 7 Sales (at $26 per unit) 7,000 Jan 20 Purchases 6,000 11.00 Jan 22 Sales (at $27 per unit) 16,000 Jan 30 Purchases 3,000 12.00
a. Assuming that Undew maintains a periodic inventory system, compute ending inventory and cost of goods sold for the month-ended January 31 using (1) average cost, (2) FIFO, and (3) LIFO. Note: Round your final answers only to the nearest dollar. Note: Do not round the cost per unit amounts in your calculations.

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