Oriole Company is a multiproduct firm. Presented below is information concerning one of its products, the Hawkeye.
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Oriole 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 | 3,000 | $18 | |||
2/4 | Purchase | 4,000 | 27 | |||
2/20 | Sale | 4,500 | 44 | |||
4/2 | Purchase | 5,000 | 34 | |||
11/4 | Sale | 4,200 | 49 |
(a)
Calculate average-cost per unit. (Round answer to 4 decimal places, e.g. 2.7613.)
Average-cost per unit | $ |
(b)
Compute cost of goods sold, assuming Oriole uses: (Round average cost per unit to 4 decimal places, e.g. 2.7631 and final answers to 0 decimal places, e.g. 6,548.)
Cost of goods sold | ||||
(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 | $ |
Related Book For
Fundamentals of Financial Management
ISBN: 9780273713630
13th Revised edition
Authors: James van Horne, John Wachowicz
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