Question

In: Accounting

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

Waterway 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 2,900 $18
2/4 Purchase 3,900 26
2/20 Sale 4,400 44
4/2 Purchase 4,900 34
11/4 Sale 4,100 48

Compute cost of goods sold, assuming Waterway 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

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