Concord Company is a multiproduct firm. Presented below is information concerning one of its products, the...

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Concord 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 (b) (c) (d) (e) Beginning inventory Purchase Sale Purchase Sale Quantity Price/Cost 1,500 2,500 3,000 3,500 2,700 $14 Perpetual system, FIFO cost flow Periodic system, LIFO cost flow Perpetual system, LIFO cost flow Periodic system, weighted-average cost flow 21 35 27 Instructions: Calculate the cost of goods sold assuming that Concord uses: Show all work (we'll be reviewing in class!) Hint: set up a "Cost of Goods Manufactured Schedule, like in class, and set up separate columns for 'purchase' and 'sales' of inventory to aid calculations. Also, calculate the quantity of units that should be left in ending inventory to make sure that your perpetual method calculations (parts b & d) are on track. (a) Periodic system, FIFO cost flow 39 Concord 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 (b) (c) (d) (e) Beginning inventory Purchase Sale Purchase Sale Quantity Price/Cost 1,500 2,500 3,000 3,500 2,700 $14 Perpetual system, FIFO cost flow Periodic system, LIFO cost flow Perpetual system, LIFO cost flow Periodic system, weighted-average cost flow 21 35 27 Instructions: Calculate the cost of goods sold assuming that Concord uses: Show all work (we'll be reviewing in class!) Hint: set up a "Cost of Goods Manufactured Schedule, like in class, and set up separate columns for 'purchase' and 'sales' of inventory to aid calculations. Also, calculate the quantity of units that should be left in ending inventory to make sure that your perpetual method calculations (parts b & d) are on track. (a) Periodic system, FIFO cost flow 39

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ANSWER a Inventory 11 1500 units 14unit 21000 Inventory 24 2500 units 21unit 52500 Inventory 220 300... View the full answer