Question

Ehlo 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 3,980 $18 2/4 Purchase 4,000 22 2/20 Sale 4,650 4/2 Purchase 5,250 24 7/17 Purchase 3,100 27 11/4 Sale 6,200

Compute cost of goods sold, assuming Ehlo uses: 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 $

Answer 1

Ans.	Available for sale
	Date		Units	Rate	Total
	01-Jan		3980	$18.00	$71,640
	04-Feb		4000	$22.00	$88,000
	02-Apr		5250	$24.00	$126,000
	17-Jul		3100	$27.00	$83,700
	Cost of goods available for sale		16330		$369,340
	Total number of units sold   (4,650 + 6,200) =   10,850 units
Ans. A	Periodic FIFO:
	Date	Units	Rate	Total
	01-Jan	3980	$18.00	$71,640
	04-Feb	4000	$22.00	$88,000
	02-Apr	2870	$24.00	$68,880
	Cost of goods sold	10850		$228,520
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							3980	$18.00	$71,640
	04-Feb	4000	$22.00	$88,000				3980	$18.00	$71,640
								4000	$22.00	$88,000
	20-Feb				3980	$18.00	$71,640
					670	$22.00	$14,740	3330	$22.00	$73,260
	02-Apr	5250	$24.00	$126,000				3330	$22.00	$73,260
								5250	$24.00	$126,000
	17-Jul	3100	$27.00	$83,700				3330	$22.00	$73,260
								5250	$24.00	$126,000
								3100	$27.00	$83,700
	04-Nov				3330	$22.00	$73,260				ekkarill92 Next > < Previous Related Solutions Concord Company is a multiproduct firm. Presented below is information concerning one of its products, the... Concord 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 1,500 $14 2/4 Purchase 2,500 21 2/20 Sale 3,000 35 4/2 Purchase 3,500 27 11/4 Sale 2,700 39 (b.) Compute cost of goods sold, assuming Concord 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... Swifty Company is a multiproduct firm. Presented below is information concerning one of its products, the... Swifty Company is a multiproduct firm. Presented below is information concerning one of its products, the Hawkeye. 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