Answer Happy

Periodic and Perpetual Systems-Calculating Ending Inventory and Cost of Sales using Average Cost and Moving Average The inventory records of Urban Inc. show the following data for its merchandise inventory. Date Units Unit Cost Jan 1 Inventory $38.00 Jan 3 Purchase 36 40.00 Jan 7 Sale Jan 10 Purchase 41.60 Jan 20 Sale Jan 30 Purchase 40 43.20 24 40 40 40 Required Compute cost of goods sold and ending inventory for the month ending January 31 using the average cost method (periodic inventory system) and the moving average method (perpetual inventory system). Note: Round unit costs used in your calculations to two digits after the decimal; for example, use a rate of $1.42 for $1.424 or use a rate of $1.43 for $1.425. Note: Round your final answers below to the nearest whole dollar. Ending Inventory COGS a. Average cost (periodic inventory system) $ b. Moving average (perpetual inventory system) $