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Compute cost of goods sold, assuming Ehlo uses
Compute cost of goods sold, assuming Ehlo uses
(Compute FIFO, LIFO, Average CostâPeriodic and Perpetual) Ehlo Company is a multiproduct firm. Presented below is information concerning one of its products, the Hawkeye.
|
Date |
Transaction |
Quantity |
Price/Cost |
|
1-Jan |
Beginning inventory |
1,000 |
$12 |
|
4-Feb |
Purchase |
2,000 |
18 |
|
20-Feb |
Sale |
2,500 |
30 |
|
2-Apr |
Purchase |
3,000 |
23 |
|
4-Nov |
Sale |
2,200 |
33 |
Instructions
Compute cost of goods sold, assuming Ehlo uses:
(a) Periodic system, FIFO cost flow.
(b) Perpetual system, FIFO cost flow.
(c) Periodic system, LIFO cost flow.
(d) Perpetual system, LIFO cost flow.
(e) Periodic system, weighted-average cost flow.
(f) Perpetual system, moving-average cost flow.
(Compute FIFO, LIFO, Average CostâPeriodic and Perpetual) Ehlo Company is a multiproduct firm. Presented below is information concerning one of its products, the Hawkeye.
|
Date |
Transaction |
Quantity |
Price/Cost |
|
1-Jan |
Beginning inventory |
1,000 |
$12 |
|
4-Feb |
Purchase |
2,000 |
18 |
|
20-Feb |
Sale |
2,500 |
30 |
|
2-Apr |
Purchase |
3,000 |
23 |
|
4-Nov |
Sale |
2,200 |
33 |
Instructions
Compute cost of goods sold, assuming Ehlo uses:
(a) Periodic system, FIFO cost flow.
(b) Perpetual system, FIFO cost flow.
(c) Periodic system, LIFO cost flow.
(d) Perpetual system, LIFO cost flow.
(e) Periodic system, weighted-average cost flow.
(f) Perpetual system, moving-average cost flow.
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