Question
In: Accounting
Ehlo Company is a multiproduct firm. Presented below is all information concerning one of its products,...
Ehlo Company is a multiproduct firm. Presented below is all information concerning one of its products, the Hawkeye.
Date Transaction Quantity Price/Cost
1/1 Beginning inventory 1,000 $12
2/4 Purchase 1,000 16
2/20 Sale 1,500 30
4/2 Purchase 1,000 20
Compute the ending inventory, assuming Ehlo uses:
(a) Perpetual system, FIFO cost flow.
(b) Periodic system, LIFO cost flow.
(c) Perpetual system, LIFO cost flow.
(d) Periodic system, weighted-average cost flow.
(e) Perpetual system, moving-average cost flow.
Solutions
Expert Solution
Closing Inventory using:
(a) Perpetual system, FIFO cost flow = $28000
(b) Periodic system, LIFO cost flow = $20000
(c) Perpetual system, LIFO cost flow = $26000
(d) Periodic system, weighted-average cost flow = $24000
(e) Perpetual system, moving-average cost flow = $27000
Working Note:
(a)
(b) Closing inventory using Periodic system, LIFO cost flow = 500 unit @ $16 each + 1000 unit @ $12 each = $20000
(c)
(d) Closing inventory using Periodic system, weighted-average cost flow = (3000-1500)*{($12000+$16000+$20000)/(1000+1000+1000)} = 1500 units @$16 each = $24000
(e)
ekkarill92 answered 1 year agoRelated 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.
Date
Transaction
Quantity
Price/Cost
1/1
Beginning inventory
1,300
$14
2/4
Purchase
2,300
21
2/20
Sale
2,800
34
4/2
Purchase
3,300
26
11/4
Sale
2,500
38
Compute cost of goods sold, assuming Swifty uses:
(Round average cost per unit to 4 decimal places, e.g.
2.7631 and final answers to 0 decimal places, e.g.
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Cost of goods sold
(a)
Periodic system, FIFO cost flow...
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
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(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
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(a)
Periodic system, FIFO cost
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Windsor Company is a multiproduct firm. Presented below is information concerning one of its products, the...
Windsor 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
1,800
$15
2/4
Purchase
2,800
22
2/20
Sale
3,300
37
4/2
Purchase
3,800
29
11/4
Sale
3,000
41
Calculate average-cost per unit. (Round answer to 4
decimal places, e.g. 2.7613.)
Average-cost per unit
:________
Compute Cost of Goods Sold:
cost of goods sold
Periodic system, FIFO cost flow
$
Perpetual system, FIFO Cost flow
$...
Ehlo Company is a multiproduct firm. Presented below is information concerning one of its products, the...
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,...
Sheridan Company is a multiproduct firm. Presented below is information concerning one of its products, the...
Sheridan Company is a multiproduct firm. Presented below is
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Date
Transaction
Quantity
Price/Cost
1/1
Beginning inventory
1,700
$15
2/4
Purchase
2,700
22
2/20
Sale
3,200
37
4/2
Purchase
3,700
28
11/4
Sale
2,900
40
Correct answer iconYour answer is correct.
Calculate average-cost per unit. (Round answer to 4
decimal places, e.g. 2.7613.)
Average-cost per unit
$
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Date
Transaction
Quantity
Price/Cost
1/1
Beginning inventory
1,400
$14
2/4
Purchase
2,400
21
2/20
Sale
2,900
35
4/2
Purchase
3,400
27
11/4
Sale
2,600
38
(a)
Calculate average-cost per unit. (Round answer to 4
decimal places, e.g. 2.7613.)
Average-cost per unit
Find all of these:
a) Periodic System, FIFO cost flow, (b) Perpetual System, FIFO
Cost Flow
(c) Periodic System, LIFO Cost Flow...
Windsor Company is a multiproduct firm. Presented below is information concerning one of its products, the...
Windsor 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
1,800
$15
2/4
Purchase
2,800
22
2/20
Sale
3,300
37
4/2
Purchase
3,800
29
11/4
Sale
3,000
41
Compute cost of goods sold, assuming Windsor 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
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Periodic system, FIFO cost flow...
Wildhorse Company is a multiproduct firm. Presented below is information concerning one of its products, the...
Wildhorse Company is a multiproduct firm. Presented below is
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Date
Transaction
Quantity
Price/Cost
1/1
Beginning inventory
2,800
$17
2/4
Purchase
3,800
26
2/20
Sale
4,300
43
4/2
Purchase
4,800
33
11/4
Sale
4,000
48
Calculate average-cost per unit. (Round answer to 4
decimal places, e.g. 2.7613.)
Average-cost per unit
$
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Compute cost of goods sold, assuming Wildhorse uses:
(Round average cost per unit to 4 decimal places,...
Skysong Company is a multiproduct firm. Presented below is information concerning one of its products, the...
Skysong 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
1,600
$14
2/4
Purchase
2,600
22
2/20
Sale
3,100
36
4/2
Purchase
3,600
28
11/4
Sale
2,800
40
(a)
Your answer is correct.
Calculate average-cost per unit. (Round answer to 4
decimal places, e.g. 2.7613.)
Average-cost per unit
$
23.1282
SHOW SOLUTION
LINK TO TEXT
Attempts: 2 of 5 used
(b)
Compute cost of goods sold,...
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