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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
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 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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