P8-6 (LO3) GROUPWORK (Compute FIFO, LIFO, Average-Cost-Periodic and Perpetual) u

Question

P8-6 (LO3) GROUPWORK (Compute FIFO, LIFO, Average-Cost-Periodic and Perpetual) uct firm. Presented below is information concerning one of its products, the Hawkeye Ehlo Company is a multiprod Date Transaction Quantity Price/Cost 1,000 2,000 2,500 3,000 2,200 $%12 18 30 23 Beginning inventory Purchase 2/4 2/20 Sale 4/2 11/4 Sale 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

Explanation / Answer

Compute cost of goods sold, assuming Ehlo Uses :

a) Periodic system, FIFO cost flow :

C) Periodic system, LIFO cost flow :

D) Perpetual system, Lifo cost flow :

1000

2000

12

18

12000

36000

2000

500

18

12

36000

6000

500

3000

12

23

6000

69000

500

800

12

23

6000

18400

SO cost of goods sold under perpetual system, Lifo cost flow is $92600

No of units Cost Beginning inventory 1000 12000 Purchase 2/4 2000 36000 Purchase 4/2 3000 69000 Total Goods available for sale 6000 117000 Ending inventory (1300*23) 1300 29900 Cost of goods sold 4700 87100

Related Questions

Navigate

• Browse (All)
• Browse P
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.