Metlock Company is a multiproduct firm. Presented below is information concerning one of its products, the Hawkeye. Date   Transaction   Quantity   Price/Cost 1/1   Beginning inventory   2,000   $15 2/4   Purchase   3,000   23 2/20   Sale   3,500   38 4/2   Purchase   4,000   29 11/4   Sale   3,200   42 Compute cost of goods sold, assuming Metlock 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.)         Cost of goods sold (a)   Periodic system, FIFO cost flow   $  (b)   Perpetual system, FIFO cost flow   $  (c)   Periodic system, LIFO cost flow   $  (d)   Perpetual system, LIFO cost flow   $  (e)   Periodic system, weighted-average cost flow   $  (f)   Perpetual system, moving-average cost flow   $

Financial Reporting, Financial Statement Analysis and Valuation
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ISBN:9781285190907
Author:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
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Chapter10: Forecasting Financial Statement
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Metlock Company is a multiproduct firm. Presented below is information concerning one of its products, the Hawkeye.

Date
 
Transaction
 
Quantity
 
Price/Cost
1/1   Beginning inventory   2,000   $15
2/4   Purchase   3,000   23
2/20   Sale   3,500   38
4/2   Purchase   4,000   29
11/4   Sale   3,200   42
Compute cost of goods sold, assuming Metlock 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.)

        Cost of goods sold
(a)   Periodic system, FIFO cost flow  
(b)   Perpetual system, FIFO cost flow  
(c)   Periodic system, LIFO cost flow  
(d)   Perpetual system, LIFO cost flow  
(e)   Periodic system, weighted-average cost flow  
(f)   Perpetual system, moving-average cost flow  
 
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