Compute cost of goods sold, assuming Blue uses: (Round average cost per unit to 4 decimal places, e.g. 2.7631 and finalanswers to 0 decimal places, e.g. 6,548.)(a)(b)(c)(d)(e)(f)Periodic system, FIFO cost flowPerpetual system, FIFO cost flowPeriodic system, LIFO cost flowPerpetual system, LIFO cost flowPeriodic system, average-cost flowPerpetual system, moving-average cost flow.$$$$$$Cost of goods sold Blue Company is a multiproduct firm. Presented below is information concerning one of its products, the Hawkeye.Date1/12/4Transaction4/211/4Beginning inventoryPurchase2/20 SalePurchaseSaleQuantity3,2004,2004,7005,2004,400Price/Cost$1827463550

Under the FIFO method, the oldest products in inventory are sold first.Under the LIFO method, the…

Blue Company is a multiproduct firm. Presented below is information concerning one of its products, the Hawkeye. Date 1/1 2/4 2/20 4/2 11/4 Transaction Beginning inventory Purchase Sale Purchase Sale Quantity 3,200 4,200 4.700 5,200 4,400 Price/Cost $18 27 46 35 50

Blue Company is a multiproduct firm. Presented below is information concerning one of its products, the Hawkeye. Date 1/1 2/4 2/20 4/2 11/4 Transaction Beginning inventory Purchase Sale Purchase Sale Quantity 3,200 4,200 4.700 5,200 4,400 Price/Cost $18 27 46 35 50

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Compute cost of goods sold, assuming Blue uses: (Round average cost per unit to 4 decimal places, e.g. 2.7631 and final
answers to 0 decimal places, e.g. 6,548.)
(a)
(b)
(c)
(d)
(e)
(f)
Periodic system, FIFO cost flow
Perpetual system, FIFO cost flow
Periodic system, LIFO cost flow
Perpetual system, LIFO cost flow
Periodic system, average-cost flow
Perpetual system, moving-average cost flow.
$
$
$
$
$
$
Cost of goods sold

Blue Company is a multiproduct firm. Presented below is information concerning one of its products, the Hawkeye.
Date
1/1
2/4
Transaction
4/2
11/4
Beginning inventory
Purchase
2/20 Sale
Purchase
Sale
Quantity
3,200
4,200
4,700
5,200
4,400
Price/Cost
$18
27
46
35
50

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Step 3: Computation of cost of goods using the Perpetual FIFO:

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Step 4: Computation of cost of goods using Periodic LIFO:

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Step 5: Computation of cost of goods using Perpetual LIFO:

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Step 6: Computation of cost of goods using Periodic weighted-average:

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Step 7: Computation of cost of goods using Perpetual moving-average cost:

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