The company RETAILCO, Ltd is dedicated to the wholesale of professional printers. The company uses...
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The company RETAILCO, Ltd is dedicated to the wholesale of professional printers. The company uses a perpetual inventory system. On 1st of January the inventory showed a balance of 300 printers for a total value of $60,000 On January 7 the company purchased 120 printers at a price of $250 per unit. On January 20 the company sold 400 printers at a price of $450 per unit. ON January 21 the company purchased 100 more printers at $275/unit. 1.- Calculate the cost of the goods sold for the sale of January 20 relying on the average cost method (10 points). Calculate the inventory balance at January 31. (5 points) 2.- Calculate the cost of the goods sold for the sale of January 20 relying on the FIFO method(10 points). Calculate the inventory balance at January 31. (5 points) 3.- Calculate the cost of the goods sold for the sale of January 20 relying on the LIFO method (10 points). Calculate the inventory balance at January 31. (5 points)
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