Inventory Flows for Ramos Company for the Month of January

Essay

Inventory flows for Ramos Company for the month of January are as follows:
$\begin{array}{lll}&\text { \#of units } & \text { Unit cost }\\\text { Beginning inventory } &250 & \$ 1.00 \\\text { Purchases: } \\\text { January 3 } & 100 & 1.10 \\\text { January 15 } & 150 & 1.15 \\\text { January } 17 & 300 & 1.05 \\\text { Sales:| } & & \\\text { January } 5 & 100 & \\\text { January } 18 & 150 & \\\text { January } 24 & 100 &\end{array}$ *Assume the same for FIFO, LIFO, and weighted average cost flow assumptions.
Required:
Compute the cost of goods sold and ending inventory for the Ramos Company using the following assumptions:
a. FIFO cost flow assumption and a periodic inventory system
b. LIFO cost flow assumption and a periodic inventory system
c. Weighted average cost flow assumption and a periodic inventory system