(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.