Question
You have the following information about product A. for Basima Corp: DATE TRANSACTON QUANTITY PRICE/COST Jan. 1 Beginning Inventory 1,000 $ 12 Feb. 4 Purchase
You have the following information about product A. for Basima Corp: DATE TRANSACTON QUANTITY PRICE/COST Jan. 1 Beginning Inventory 1,000 $ 12 Feb. 4 Purchase 2.000 18 Feb. 20 Sale 2,500 30 Apr. 2 Purchase 3,000 23 Nov. 4 Sale 2,000 33 Requirements: Calculate the cost of goods sold under each of the following scenarios ( feel free to attach excel sheet if you wish): 1. A periodic inventory system and a FIFO cost formula 2. A periodic inventory system and weighted average formula 3. A perpetual inventory system and moving average cost formula
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