Ehlo Company is a multiproduct firm. Presented below is information concerning o

Question

Ehlo 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   1,990        $16

2/4     Purchase                   2,990        $25

2/20    Sale                         3,490          $41

4/2      Purchase                    3,990         $32

11/4     Sale                        3,190          $45

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 (d) Perpetual system, LIFO cost flow (e) Periodic system, weighted-average cost flow (f) Perpetual system, moving-average cost flow.

Explanation / Answer

a).

b).

c).

d).

Periodic - Fifo Quantity Per unit cost Price Sale              3,490.00 $41 $143,090 Sale              3,190.00 $45 $143,550 Total Sale              6,680.00 $286,640 Beginning inventory              1,990.00 $16 $31,840 Purchase              2,990.00 $25 $74,750 Purchase              1,700.00             32.00 $54,400 Cost of Goods Sold $160,990

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