Metlock Company manufactures many products for use in the airline industry. Presented below is informationconcerning one of its products, the Orbit.Date1/13/66/268/210/31 SaleTransaction(a)Beginning inventorySalePurchasePurchaseQuantity1,6001,000(f)3,5002,0004,000Periodic system, FIFO cost flow(b) Perpetual system, FIFO cost flowCompute cost of goods sold, assuming Metlock uses: (Round average cost per unit to 2 decimal places, e.g.2.76 and final answers to 0 decimal places, e.g. 6,548.)(c) Periodic system, LIFO cost flow(d) Perpetual system, LIFO cost flowPrice/Cost(e) Periodic system, weighted-average cost flow$3349Perpetual system, moving-average cost flow353651VA$EA$$Cost of goods sold

Lets understand the basics.In FIFO basis entity assumes that goods purchase first are sold first. So…

Metlock Company manufactures many products for use in the airline industry. Presented below is informa concerning one of its products, the Orbit. Date 1/1 Transaction 10/31 Beginning inventory 3/6 6/26 Purchase 8/2 Purchase Sale Sale Quantity 1,600 1,000 3,500 2,000 4,000 Price/Cost $33 49 35 36 51

Metlock Company manufactures many products for use in the airline industry. Presented below is informa concerning one of its products, the Orbit. Date 1/1 Transaction 10/31 Beginning inventory 3/6 6/26 Purchase 8/2 Purchase Sale Sale Quantity 1,600 1,000 3,500 2,000 4,000 Price/Cost $33 49 35 36 51

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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Concept explainers

Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.

Question

Metlock Company manufactures many products for use in the airline industry. Presented below is information
concerning one of its products, the Orbit.
Date
1/1
3/6
6/26
8/2
10/31 Sale
Transaction
(a)
Beginning inventory
Sale
Purchase
Purchase
Quantity
1,600
1,000
(f)
3,500
2,000
4,000
Periodic system, FIFO cost flow
(b) Perpetual system, FIFO cost flow
Compute cost of goods sold, assuming Metlock uses: (Round average cost per unit to 2 decimal places, e.g.
2.76 and final answers to 0 decimal places, e.g. 6,548.)
(c) Periodic system, LIFO cost flow
(d) Perpetual system, LIFO cost flow
Price/Cost
(e) Periodic system, weighted-average cost flow
$33
49
Perpetual system, moving-average cost flow
35
36
51
VA
$
EA
$
$
Cost of goods sold

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