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Module5Chp8P8-6HW

Module5Chp8P8-6HW - Problem86 ,theHawkeye Date Transaction...

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Problem 8-6 Ehlo Company is a multiproduct firm. Presented below is information concerning one of its products, the Hawkeye. Date Transaction Quantity Price/Cost 1-Jan Beg. Inv. 1,000 $12 4-Feb Purchase 2,000 $18 20-Feb Sale 2,500 $30 2-Apr Purchase 3,000 $23 4-Nov Sale 2,200 $33 Compute the COGS, assuming Ehlo uses: a) Periodic system, FIFO cost flow: Date No. Units Unit Cost Total Cost 2-Apr 1,300 $23 $29,900 Ending Inventory 1,300 $29,900 COG Available for Sale $117,000 Deduct: Ending Inventory $29,900 COGS $87,100 b) Perpetual system, FIFO cost flow: Date Purchased Sold or Issued Balance 1-Jan 1000 @ $12 $12,000 [email protected] $12 $12,000 4-Feb 2000 @ $18 $36,000 [email protected] $12 $48,000 [email protected] 20-Feb 2500 @ $30 75,000 [email protected] $9,000 2-Apr 3000 @ $23 $69,000 1300 @ $23 $29,900 4-Nov 2200 @ $33 72,600 -$39,100 147,600 COGS c) Periodic system, LIFO cost flow: 59,800
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Date of Invoice No. Units Unit Cost Total Cost 1-Jan 1,000 $12 $12,000 4-Feb 300 $18 $5,400 Ending Inventory 1,300 $17,400 Goods Available for Sale 117,000 Deduct: Ending Inventory 17,400 COGS 99,600 d) Perpetual system, LIFO cost flow:
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