Compute cost of goods sold, assuming Skysong uses: (Round average cost per unit to 4 decimal places, c.g. 2.7631 and final answers toO 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 Skysong Company is a multiproduct firm. Presented below is information concerning one of its products, the Hawkeye.Date1/12/42/204/211/4TransactionBeginning inventoryPurchaseSalePurchaseSaleQuantity Price/Cost1,6002,6003,1003,6002,800$1422362840

Inventory Valuation Method - FIFO Method - Under FIFO Method company uses inventory that was…

Skysong 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 Price/Cost 1,600 2,600 3,100 3,600 2,800 $14 22 36 28 40

Skysong 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 Price/Cost 1,600 2,600 3,100 3,600 2,800 $14 22 36 28 40

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 Skysong uses: (Round average cost per unit to 4 decimal places, c.g. 2.7631 and final answers to
O 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

Skysong 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 Price/Cost
1,600
2,600
3,100
3,600
2,800
$14
22
36
28
40

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