Sunland Company is a multi product firm. Presented below is information concerni

Question

Sunland Company is a multi product firm. Presented below is information concerning one of its products, the Hawkeye Date TransactionQuantity Price/Cost 1/1 Beginning inventory 1,800 2/4 Purchase 2/20 Sale 4/2 Purchase 11/4 Sale $15 2,800 3,300 3,800 3,000 37 29 41 Calculate average-cost per unit. (Round answer to 4 decimal places, e.g. 2.7613.) Average-cost per unit LINK TO TEXT Compute cost of goods sold, assuming Sunland uses: (Round average cost per unit to 4 decimal places, e.g. 2.7631 ano final answers to 0 decimal places, e.g. 6,548.) Cost of goods sold (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 Click if you would like to Show Work for this question: Open Show Work

Explanation / Answer

Average cost per unit = (1800*15+2800*22+3800*29)/(1800+2800+3800)= $     23.6667 COST OF GOODS SOLD: Units sold = 3300+3000 = 6300. a) Periodic System, FIFO = 1800*15+2800*22+1700*29 = $     137,900 b) Perpetual system, FIFO = 1800*15+1500*22+1300*22+1700*29 = $     137,900 c) Periodic system, LIFO = 3800*29+2500*22 = $     165,200 d) Perpetual system, LIFO = 2800*22+500*15+3000*29 = $     156,100 e) Periodic system, Weighted average = 6300*23.6667 = $     149,100 f) Perpetual system, moving average: Wt. Avg on 2/4 = (1800*15+2800*22)/4600 = $     19.2609 COGS of sale on 2/20 = 3300*19.2609 = $       63,561 Wt.Avg on 4/2 = (1300*19.2609+3800*29)/(1300+3800) = $     26.5175 COGS of sale on 4/2 = 3800*26.5175 = $     100,767 Total COGS under perpetual moving average = 63561+100767= $     164,327

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