Skysong Company manufactures many products for use in the wine industry Presented below is information concerning one of its products, the Orbit. Date Transaction Quantity Price/Cost 1/1 Beginning inventory 1,600 $29 3/6 Sale 1,000 49 6/26 Purchase 3,500 31 8/2 Purchase 2000 32 10/31 Sale 4,000 51 Compute cost of goods sold, assuming Skysong uses: (Round average cost per unit to 2 decimal places, eg. 2.76 and final answers to O decimal places, e s. 6,548) (a) Periodic system, FIFO cost flow (b) Perpetual system, FIFO cost flow (c) Periodic system, LIFO cost flow (d) Perpetual system, LIFO cost flow (el Periodic system, average-cost flow 5 5 Cost of goods sold

Skysong Company manufactures many products for use in the wine industry Presented below is information concerning one of its products, the Orbit. Date Transaction Quantity Price/Cost 1/1 Beginning inventory 1,600 $29 3/6 Sale 1,000 49 6/26 Purchase 3,500 31 8/2 Purchase 2000 32 10/31 Sale 4,000 51 Compute cost of goods sold, assuming Skysong uses: (Round average cost per unit to 2 decimal places, eg. 2.76 and final answers to O decimal places, e s. 6,548) (a) Periodic system, FIFO cost flow (b) Perpetual system, FIFO cost flow (c) Periodic system, LIFO cost flow (d) Perpetual system, LIFO cost flow (el Periodic system, average-cost flow 5 5 Cost of goods sold

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter3: Setting Up A New Company

Section: Chapter Questions

Problem 1.3C

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