The Petrowski Company Uses the Perpetual Inventory System Determine the Cost of Goods Sold for January Using the Company

question 12

Essay

The Petrowski Company uses the perpetual inventory system. The Petrowski Company has the following data available for the month of January:
$$\begin{array} { | l | l | l | l | } \hline \text { Date } & \text { Transaction } & \text { Units } & \text { Unit Cost } \\\hline \text { Jan. 1 } & \text { Beginning inventory } & 100 & \$ 100 \\\hline \text { Jan. } 9 & \text { Purchase } & 300 & \$ 120 \\\hline \text { Jan. } 10 & \text { Sale } & 200 & \\\hline \text { Jan. } 15 & \text { Purchase } & 400 & \$ 140 \\\hline \text { Jan. } 18 & \text { Sale } & 300 & \\\hline \text { Jan. } 24 & \text { Purchase } & 100 & \$ 160 \\\hline \text { Jan. 30 } & \text { Sale } & 10 & \\\hline\end{array}$$
Determine the Cost of Goods Sold for January using the following methods:
a. FIFO
b. LIFO
c. Moving-average (Round per unit costs and all other dollar amounts to two decimal places.)

Assess the significance of related party transactions and subsequent events in financial reporting.

Understand the concept and application of special order pricing to increase net income.

Identify the benefits of using variable costing in short-term pricing decisions.

Explain the procedure for converting variable costing net income to absorption costing net income.

---

Definitions:

Mary Wollstonecraft

An 18th-century British writer, philosopher, and advocate of women's rights, best known for her work "A Vindication of the Rights of Woman".

John Stuart Mill

A 19th-century British philosopher, political economist, and civil servant known for his contributions to social theory, political theory, and utilitarianism.

Marxist/Socialist Feminism

A branch of feminism that interprets the oppression of women as a result of capitalism and advocates for societal change to achieve gender equality.

Sexual Oppression

Sexual oppression involves systemic and societal practices that discriminate against individuals or groups based on their sexual orientation, gender identity, or sexual activities, often resulting in inequality and harm.