Question

In: Accounting

Oriole Company is a multiproduct firm. Presented below is information concerning one of its products, the...

Oriole Company is a multiproduct firm. Presented below is information concerning one of its products, the Hawkeye.

Date

Transaction

Quantity

Price/Cost

1/1 Beginning inventory 3,000 $18
2/4 Purchase 4,000 27
2/20 Sale 4,500 44
4/2 Purchase 5,000 34
11/4 Sale 4,200 49

Compute cost of goods sold, assuming Oriole uses: (Round average cost per unit to 4 decimal places, e.g. 2.7631 and 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

$

Solutions

Expert Solution

Ans. Available for sale
Date Units Rate Total
01-Jan 3000 $18.00 $54,000
04-Feb 4000 $27.00 $108,000
02-Apr 5000 $34.00 $170,000
Cost of goods available for sale 12000 $332,000
Units sold   (4,500 + 4,200) = 8,700 units
Ans. A Periodic FIFO:
Date Units Rate Total
01-Jan 3000 $18.00 $54,000
04-Feb 4000 $27.00 $108,000
02-Apr 1700 $34.00 $57,800
Cost of goods sold 8700 $219,800
Ans. B Perpetual FIFO:
Purchase Cost of goods sold Balance
Date Quantity Rate Total cost Quantity Rate Total cost Quantity Rate Total cost
01-Jan 3000 $18.00 $54,000
04-Feb 4000 $27.00 $108,000 3000 $18.00 $54,000
4000 $27.00 $108,000
20-Feb 3000 $18.00 $54,000
1500 $27.00 $40,500 2500 $27.00 $67,500
02-Apr 5000 $34.00 $170,000 2500 $27.00 $67,500
5000 $34.00 $170,000
04-Nov 2500 $27.00 $67,500
1700 $34.00 $57,800 3300 $34.00 $112,200
Total Cost of goods sold $219,800 Ending inventory $112,200
*In FIFO method the units that have purchased first, are released the first one and the ending inventory units remain from last purchases.

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