Shown below is the activity for one of the products of Random Creations: January 1 balance, 80 units @$50 $4,000 Purchases: January 18: 40 units at…

Shown below is the activity for one of the products of Random Creations:

January 1 balance, 80 units @$50 $4,000

Purchases:

January 18: 40 units at $51

January 28: 40 units at $52

Sales:

January 12: 30 units

January 22: 30 units

January 31: 45 units

Calculate the ending inventory and COGS, using Average Cost, FIFO and LIFO under both perpetual and period inventory systems.

FIFO MethodBeginning / Goods PurchasedCost of Goods SoldInventory Balance*DateCityRateAmountQItyRateAmountCITYRateAmountJan- 01201 5 50.00 | 5\4, 000. 00BOY 550.0 0 | 54, 00 0….

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