Jessica’s Office Supply, Inc., had 300 calculators on hand at January 1, 20X1, costing $16 each. Purchases and sales of calculators during the month of January were as follows: Date PurchasesSalesJanuary12 200 @ $25 14150 @ $17 29100 @ $18 30 150 @ $30 Jessica does not maintain perpetual inventory records. According to a physical count, 200 calculators were on hand at January 31, 20X1. Required:What is the amount of ending inventory at January 31, 20X1, and cost of goods sold for the month ended January 31, 20X1, under the FIFO method?What is the amount of ending inventory at January 31, 20X1, and cost of goods sold for the month ended January 31, 20X1, under the LIFO method?What is the amount of ending inventory at January 31, 20X1, and cost of goods sold for the month ended January 31, 20X1, under the average cost method?

Periodic Inventory A periodic inventory system basically updates the ending inventory balance in the…

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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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Jessica’s Office Supply, Inc., had 300 calculators on hand at January 1, 20X1, costing $16 each. Purchases and sales of calculators during the month of January were as follows:

Date		Purchases	Sales
January	12		200 @ $25
	14	150 @ $17
	29	100 @ $18
	30		150 @ $30

Jessica does not maintain perpetual inventory records. According to a physical count, 200 calculators were on hand at January 31, 20X1.

Required:

What is the amount of ending inventory at January 31, 20X1, and cost of goods sold for the month ended January 31, 20X1, under the FIFO method?
What is the amount of ending inventory at January 31, 20X1, and cost of goods sold for the month ended January 31, 20X1, under the LIFO method?
What is the amount of ending inventory at January 31, 20X1, and cost of goods sold for the month ended January 31, 20X1, under the average cost method?

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