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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
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:
- A periodic inventory system and FIFO cost formula.
- A periodic inventory system and weighted average cost formula.
- A perpetual inventory system and moving average cost formula.
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