Kingbird Company manufactures many products for use in the airline industry. Presented below is information concerning one of its products, the Orbit. Date 3/6 6/26 1/1 8/2 (a) (b) Transaction (c) Beginning inventory Sale 10/31 Sale Purchase Purchase Quantity 1,600 1,000 3,500 2,000 4,000 Periodic system, FIFO cost flow Compute cost of goods sold, assuming Kingbird uses: (Round average cost per unit to 2 decimal places, e.g. 2.76 and final answers to O decimal places, e.g. 6,548.) Perpetual system, FIFO cost flow Price/Cost Periodic system, LIFO cost flow $29 53 $ $ 31 $ 32 55 Cost of goods sold

Kingbird Company manufactures many products for use in the airline industry. Presented below is information concerning one of its products, the Orbit. Date 3/6 6/26 1/1 8/2 (a) (b) Transaction (c) Beginning inventory Sale 10/31 Sale Purchase Purchase Quantity 1,600 1,000 3,500 2,000 4,000 Periodic system, FIFO cost flow Compute cost of goods sold, assuming Kingbird uses: (Round average cost per unit to 2 decimal places, e.g. 2.76 and final answers to O decimal places, e.g. 6,548.) Perpetual system, FIFO cost flow Price/Cost Periodic system, LIFO cost flow $29 53 $ $ 31 $ 32 55 Cost of goods sold

Name: Sah Kingbird Company manufactures many products for use in the airline
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Description: Sah Kingbird Company manufactures many products for use in the airline industry. Presented below is information concerning one of itsproducts, the Orbit.Date6/26(b)3/6(a)(c)1/18/2(e)(d)(f)10/31 SaleTransactionBeginning inventorySalePurchasePurchaseQu

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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