Question

Headland Company is a multiproduct firm that uses the perpetual inventory system. Presented below is information concerning one of its products, the Hawkeye.

Date		Transaction		Quantity		Price/Cost
Jan. 1		Beginning inventory		960		$14
Feb. 4		Purchase		1,920		20
Feb. 20		Sale		2,400		36
Apr. 2		Purchase		2,880		25
May 4		Sale		2,112		39

Compute cost of goods sold under moving-average.

Cost of goods sold		$
Ending inventory		$

Answer 1

		Inward (Beg Inv and Purchases)	Outward (Cost of Goods Sold)	Inventory on hand
Date	Particulars	Qty	Unit Cost	Total Cost	Qty	Unit Cost	Total Cost	Qty	Unit Cost	Total Cost
1st Jan	Opening Bal	960	$    14.00	$     13,440.00				960	$    14.00	$ 13,440.00
4th Feb	Purchase	1920	$    20.00	$     38,400.00				2880	$    18.00	$ 51,840.00
20th Feb	Sale				2400	$    18.00	$ 43,200.00	480	$    18.00	$    8,640.00
2nd April	Purchase	2880	$    25.00	$     72,000.00				3360	$    24.00	$ 80,640.00
4th May	Sale				2112	$    24.00	$ 50,688.00	1248	$    24.00	$ 29,952.00
					`
Inventory In Hand (ending Inventory)
Qty	Unit Cost	Total Cost
1248	$                    24.00	$       29,952
Cost Of Goods Sold
Qty	Unit Cost	Total Cost
2400	$                    18.00	$ 43,200.00
2112	$                    24.00	$ 50,688.00
4512		$ 93,888.00