The Geewhiz Company Uses the Perpetual Inventory System Determine the Cost of the Ending Inventory Using the Following

question 106

Essay

The Geewhiz Company uses the perpetual inventory system. The Geewhiz Company has the following data available for the month of January:
$$\begin{array} { | l | l | l | l | } \hline \text { Date } & \text { Transaction } & \text { Units } & \text { Unit Cost } \\\hline \text { Jan. 1 } & \text { Beginning inventory } & 200 & \$ 2.00 \\\hline \text { Jan. } 9 & \text { Purchase } & 300 & \$ 2.20 \\\hline \text { Jan. 10 } & \text { Sale } & 400 & \\\hline \text { Jan. 15 } & \text { Purchase } & 400 & \$ 2.30 \\\hline \text { Jan. 18 } & \text { Sale } & 300 & \\\hline \text { Jan. } 24 & \text { Purchase } & 100 & \$ 2.40 \\\hline \text { Jan. 30 } & \text { Sale } & 10 & \\\hline\end{array}$$
Determine the cost of the ending inventory using the following methods:
a. FIFO
b. LIFO
c. Moving-average (Round per unit costs to four decimal places and all other dollar amounts to two decimal places.)

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Definitions:

Plaintiff

The party who initiates a lawsuit against another party (the defendant) in a court of law.

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Impartial Jury

A jury that is unbiased and without prejudice, chosen to ensure a fair and just trial by providing an objective judgement.

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