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:

Estimated Valuation

An approximate calculation or judgment of the monetary value of a company, asset, or product.

Common-value Auction

An auction type where the item for sale is of the same value to all bidders, but that value is uncertain.

Aggressive Bidding

a strategy in auctions or competitive procurement where participants bid very high or low to secure a contract or item, often taking substantial risks.

Auctioneer

A person or entity responsible for conducting auctions, overseeing the bidding process, and finalizing the sale of items.