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TIK Company manufactures many products for use in the airline industry. Presented below is information concerning one of its products, the Orbit. Instructions Date Transaction
TIK Company manufactures many products for use in the airline industry. Presented below is information concerning one of its products, the Orbit. Instructions
Date | Transaction | quantity | Price/cost |
1/1 | Beginning inventory | 1,600 | 31 |
3/6 | Sale | 1,000 | 50 |
6/26 | Purchase | 3,500 | 33 |
8/2 | Purchase | 2,000 | 34 |
10/31 | Sale | 4,000 | 52 |
Compute cost of goods sold, assuming TIK uses: (a) Periodic system, FIFO cost flow. (d) Perpetual system, LIFO cost flow. (b) Perpetual system, FIFO cost flow. (e) Periodic system, weighted-average cost flow. (c) Periodic system, LIFO cost flow. (f) Perpetual system, moving-average cost flow.
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