Cost of Goods Sold
Redster Company is a manufacturing firm. Presented below is information concerning one of its products, Ander:
|
Date
|
Transaction
|
Quantity
|
Price/Cost
|
|
1/1
|
Beginning inventory
|
2,900
|
$10
|
|
2/12
|
Purchase
|
3,300
|
$15
|
|
3/2
|
Sale
|
2,400
|
$28
|
|
4/18
|
Purchase
|
4,500
|
$18
|
|
5/31
|
Sale
|
3,800
|
$30
|
Compute the cost of goods sold under the following situations:
1. Periodic system, FIFO cost flow
2. Perpetual system, FIFO cost flow
3. Periodic system, LIFO cost flow
4. Perpetual system, LIFO cost flow
5. Periodic system, weighted-average cost flow
6. Perpetual system, moving-average cost flow