Blue 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 3,200 4,200 4.700 5,200 4,400 Price/Cost $18 27 46 35 50
Blue 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 3,200 4,200 4.700 5,200 4,400 Price/Cost $18 27 46 35 50
Chapter5: Operating Activities: Purchases And Cash Payments
Section: Chapter Questions
Problem 3.7C
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Transcribed Image Text:Compute cost of goods sold, assuming Blue 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.)
(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
Transcribed Image Text:Blue Company is a multiproduct firm. Presented below is information concerning one of its products, the Hawkeye.
Date
1/1
2/4
Transaction
4/2
11/4
Beginning inventory
Purchase
2/20 Sale
Purchase
Sale
Quantity
3,200
4,200
4,700
5,200
4,400
Price/Cost
$18
27
46
35
50
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Step 1: Introduction
VIEWStep 2: Computation of cost of goods using the Periodic FIFO:
VIEWStep 3: Computation of cost of goods using the Perpetual FIFO:
VIEWStep 4: Computation of cost of goods using Periodic LIFO:
VIEWStep 5: Computation of cost of goods using Perpetual LIFO:
VIEWStep 6: Computation of cost of goods using Periodic weighted-average:
VIEWStep 7: Computation of cost of goods using Perpetual moving-average cost:
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