The Petrowski Company Uses the Perpetual Inventory System Determine the Cost of Goods Sold for January Using the Company

Essay

The Petrowski Company uses the perpetual inventory system. The Petrowski Company has the following data available for the month of January:
$$\begin{array} { | l | l | l | l | } \hline \text { Date } & \text { Transaction } & \text { Units } & \text { Unit Cost } \\\hline \text { Jan. 1 } & \text { Beginning inventory } & 100 & \$ 100 \\\hline \text { Jan. } 9 & \text { Purchase } & 300 & \$ 120 \\\hline \text { Jan. } 10 & \text { Sale } & 200 & \\\hline \text { Jan. } 15 & \text { Purchase } & 400 & \$ 140 \\\hline \text { Jan. } 18 & \text { Sale } & 300 & \\\hline \text { Jan. } 24 & \text { Purchase } & 100 & \$ 160 \\\hline \text { Jan. 30 } & \text { Sale } & 10 & \\\hline\end{array}$$
Determine the Cost of Goods Sold for January using the following methods:
a. FIFO
b. LIFO
c. Moving-average (Round per unit costs and all other dollar amounts to two decimal places.)