Windsor Company manufactures many products for use in the airline industry. Presented below is information concerning one of itsproducts, the Orbit.Date1/13/66/268/210/31TransactionBeginning inventorySalePurchasePurchaseSaleQuantity1,6001,0003,5002,0004,000Price/Cost$3149333451Compute cost of goods sold, assuming Windsor uses: (Round average cost per unit to 2 decimal places, e.g. 2.76 and final answers to 0decimal places, e.g. 6,548.) Windsor Company manufactures many products for use in the airline industry. Presented below is information concerning one of itsproducts, the Orbit.Date1/13/66/268/210/31TransactionBeginning inventorySalePurchasePurchaseSaleQuantity1,6001,0003,5002,0004,000Price/Cost$3149333451Compute cost of goods sold, assuming Windsor uses: (Round average cost per unit to 2 decimal places, e.g. 2.76 and final answers to 0decimal places, e.g. 6,548.)

Generally the materials purchased for production are not fully consumed. There is some quantity of…

Windsor Company manufactures many products for use in the airline industry. Presented below is information concerning one of its products, the Orbit. Date 1/1 3/6 6/26 8/2 Transaction Beginning inventory Sale Purchase Purchase 10/31 Sale Quantity 1,600 1,000 3,500 2,000 4,000 Price/Cost $31 49 33 34 51 Compute cost of goods sold, assuming Windsor uses: (Round average cost per unit to 2 decimal places, eg. 2.76 and final answers to O dacimal places eg 6.548)

Windsor Company manufactures many products for use in the airline industry. Presented below is information concerning one of its products, the Orbit. Date 1/1 3/6 6/26 8/2 Transaction Beginning inventory Sale Purchase Purchase 10/31 Sale Quantity 1,600 1,000 3,500 2,000 4,000 Price/Cost $31 49 33 34 51 Compute cost of goods sold, assuming Windsor uses: (Round average cost per unit to 2 decimal places, eg. 2.76 and final answers to O dacimal places eg 6.548)

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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Concept explainers

Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.

Question

Windsor Company manufactures many products for use in the airline industry. Presented below is information concerning one of its
products, the Orbit.
Date
1/1
3/6
6/26
8/2
10/31
Transaction
Beginning inventory
Sale
Purchase
Purchase
Sale
Quantity
1,600
1,000
3,500
2,000
4,000
Price/Cost
$31
49
33
34
51
Compute cost of goods sold, assuming Windsor uses: (Round average cost per unit to 2 decimal places, e.g. 2.76 and final answers to 0
decimal places, e.g. 6,548.)

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Step 1: Inventory system:

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Step 2: a)Calculation of Cost of Goods sold using Periodic system, FIFO cost flow,

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Step 3: b) Calculation of Cost of Goods sold using Perpetual system, FIFO cost flow:

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Step 4: c)Calculation of Cost of Goods sold using Periodic system, LIFO cost flow:

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Step 5: d) Calculation of Cost of Goods sold using Perpetual system, LIFO cost flow:

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Step 6: Calculation of Cost of Goods sold using Periodic system, Average cost flow

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Step 7: Calculation of Cost of Goods sold using Perpetual system, moving average cost flow:

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