P7.6 (LO 3) Groupwork (Compute FIFO, LIFO, Average-Cost—Periodic and Perpetual) Ehlo 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 Instructions Compute cost of goods sold, assuming Ehlo uses: a. Periodic system, FIFO cost flow. b. Perpetual system, FIFO cost flow. c. Periodic system, LIFO cost flow. Quantity Price/Cost $12 1,000 2,000 2,500 3,000 2,200 18 30 23 33 600 1,000 1,300 1,600 3.20 3.30 3.40 800 3.50 1,300 500 300 1,100 No. of Units 1,200 Unit Cost $3.00 Issued, 700 Balance, No. of Units No. of Units 1,200 500 1,100 600 1,300 200 1,500 700 2,300 1,000 d. Perpetual system, LIFO cost flow. e. Periodic system, weighted-average cost flow. f. Perpetual system, moving-average cost flow.
P7.6 (LO 3) Groupwork (Compute FIFO, LIFO, Average-Cost—Periodic and Perpetual) Ehlo 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 Instructions Compute cost of goods sold, assuming Ehlo uses: a. Periodic system, FIFO cost flow. b. Perpetual system, FIFO cost flow. c. Periodic system, LIFO cost flow. Quantity Price/Cost $12 1,000 2,000 2,500 3,000 2,200 18 30 23 33 600 1,000 1,300 1,600 3.20 3.30 3.40 800 3.50 1,300 500 300 1,100 No. of Units 1,200 Unit Cost $3.00 Issued, 700 Balance, No. of Units No. of Units 1,200 500 1,100 600 1,300 200 1,500 700 2,300 1,000 d. Perpetual system, LIFO cost flow. e. Periodic system, weighted-average cost flow. f. Perpetual system, moving-average cost flow.
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