Question
Concord Corporation is a multi-product firm. The following information concerns one of its products, the Trinton: Date Transaction Quantity Price/ Cost Jan. 1 Beginning inventory
Concord Corporation is a multi-product firm. The following information concerns one of its products, the Trinton:
Date | Transaction | Quantity | Price/ Cost | ||||||||
Jan. | 1 | Beginning inventory | 1,600 | $ 11 | |||||||
Feb. | 4 | Purchase | 2,480 | 19 | |||||||
Feb. | 20 | Sale | 2,850 | 28 | |||||||
Apr. | 2 | Purchase | 3,440 | 22 | |||||||
Nov. | 4 | Sale | 3,000 | 34 |
Calculate cost of goods sold, assuming Concord uses a periodic inventory system and FIFO cost formula
Calculate cost of goods sold, assuming Concord uses a periodic inventory system and weighted average cost formula. (Round weighted average cost per unit to 2 decimal places, e.g. 52.75 and final answer to 0 decimal places, e.g. 5,275.)
Calculate cost of goods sold, assuming Concord uses a perpetual inventory system and moving-average cost formula. (Round weighted average cost per unit to 2 decimal places, e.g. 52.75 and final answer to 0 decimal places, e.g. 5,275.)
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