Kingbird Company manufactures many products for use in the airline industry. Presented below is information concerning one of its products, the Orbit. Date 3/6 6/26 1/1 8/2 (a) (b) Transaction (c) Beginning inventory Sale 10/31 Sale Purchase Purchase Quantity 1,600 1,000 3,500 2,000 4,000 Periodic system, FIFO cost flow Compute cost of goods sold, assuming Kingbird uses: (Round average cost per unit to 2 decimal places, e.g. 2.76 and final answers to O decimal places, e.g. 6,548.) Perpetual system, FIFO cost flow Price/Cost Periodic system, LIFO cost flow $29 53 $ $ 31 $ 32 55 Cost of goods sold
Kingbird Company manufactures many products for use in the airline industry. Presented below is information concerning one of its products, the Orbit. Date 3/6 6/26 1/1 8/2 (a) (b) Transaction (c) Beginning inventory Sale 10/31 Sale Purchase Purchase Quantity 1,600 1,000 3,500 2,000 4,000 Periodic system, FIFO cost flow Compute cost of goods sold, assuming Kingbird uses: (Round average cost per unit to 2 decimal places, e.g. 2.76 and final answers to O decimal places, e.g. 6,548.) Perpetual system, FIFO cost flow Price/Cost Periodic system, LIFO cost flow $29 53 $ $ 31 $ 32 55 Cost of goods sold
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Kingbird Company manufactures many products for use in the airline industry. Presented below is information concerning one of its
products, the Orbit.
Date
6/26
(b)
3/6
(a)
(c)
1/1
8/2
(e)
(d)
(f)
10/31 Sale
Transaction
Beginning inventory
Sale
Purchase
Purchase
Quantity
1,600
1,000
3,500
2,000
4,000
Compute cost of goods sold, assuming Kingbird uses: (Round average cost per unit to 2 decimal places, e.g. 2.76 and final answers to O
decimal places, e.g. 6,548.)
Periodic system, FIFO cost flow
Perpetual system, FIFO cost flow
Periodic system, LIFO cost flow
Perpetual system, LIFO cost flow
Price/Cost
Periodic system, average-cost flow
$29
Perpetual system, moving-average cost flow
LA
+A
LA
53
LA
31
32
55
Cost of goods sold
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