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E8.15 (FIFO and Weighted Average) (LO 5, 6) Aquino Corporation is a multi-product firm. The following information concerns one of its products, the Trinton: Date
E8.15 (FIFO and Weighted Average) (LO 5, 6) Aquino 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 1,000 $12 Feb. 4 Purchase 2,000 2,000 2,500 18 30 Feb. 20 Sale 2,500 Apr. 2 Purchase 3,000 Nov. 4 Sale 2,000 2,000 33 Instructions Calculate cost of goods sold, assuming Aquino uses: a. A periodic inventory system and FIFO cost formula b. A periodic inventory system and weighted average cost formula. Round cost per unit to two decimal places. c. A perpetual inventory system and moving-average cost formula. Round cost per unit to two decimal places
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