Question 1

Jackson Corporation is a multi-product firm. The following information concerns one of its products, the Widget:

Date Transaction Quantity Selling Price/Cost

Jan 1 Beginning inventory 4,200 $12

Feb 4 Purchase 2,000 18

Feb 20 Sale 2,500 30

Apr 2 Sale 3,200 30

Nov 4 Purchase 2,800 20

Required:

Calculate cost of goods sold and Ending Inventory in units and dollars, assuming Jackson uses:

1. A periodic inventory system and FIFO cost formula.
2. A periodic inventory system and weighted average cost formula.
3. A perpetual inventory system and moving average cost formula.