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Shin Company sells one product. Presented below is information for January for Shin Company.

Jan. 1 Inventory 300 units at $10 each
4 Sale 240 units at $16 each
11 Purchase 450 units at $12 each
13 Sale 360 units at $17.50 each
20 Purchase 480 units at $14 each
27 Sale 300 units at $18 each

1. Assume Shin uses a periodic system and FIFO. Use the information above to determine the ending inventory and cost of goods sold as of January 31st.

2. Assume Shin uses a periodic system and LIFO. Use the information above to determine the ending inventory and cost of goods sold as of January 31st.

3. Assume Shin uses a perpetual system and the average cost assumption. Use the information above to determine the ending inventory and cost of goods sold as of January 31st.

4. Assume Shin uses a perpetual system and LIFO. Use the information above to determine the ending inventory and cost of goods sold as of January 31st.

5. If you were to recalculate Q.1 using a perpetual system rather than the stated periodic system, indicate whether you feel that cost of goods sold for the period will be higher, lower, or the same as you calculated for Q.1.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9982759

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