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 1,000 $12 2/4 Purchase 2,000 18 2/20 Sale 2,500 30 4/2 Purchase 3,000 23 11/4 Sale 2,200 33 Instructions 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.

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 1,000 $12 2/4 Purchase 2,000 18 2/20 Sale 2,500 30 4/2 Purchase 3,000 23 11/4 Sale 2,200 33 Instructions 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.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 9PB: Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for B76 Company,...

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Instructions

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.

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