(Compute FIFO, LIFO, Average Cost—Periodic 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.