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In: Accounting

8-06 Novak Company is a multiproduct firm. Presented below is information concerning one of its products,...

8-06

Novak 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 3,500 $19
2/4 Purchase 4,500 28
2/20 Sale 5,000 47
4/2 Purchase 5,500 36
11/4 Sale 4,700 52
Calculate average-cost per unit. (Round answer to 4 decimal places, e.g. 2.7613.)
Average-cost per unit $
Compute cost of goods sold, assuming Novak 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

$

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