Windsor 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 Transaction Beginning inventory Sale Purchase Purchase 10/31 Sale Quantity 1,600 1,000 3,500 2,000 4,000 Price/Cost $31 49 33 34 51 Compute cost of goods sold, assuming Windsor uses: (Round average cost per unit to 2 decimal places, eg. 2.76 and final answers to O dacimal places eg 6.548)
Windsor 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 Transaction Beginning inventory Sale Purchase Purchase 10/31 Sale Quantity 1,600 1,000 3,500 2,000 4,000 Price/Cost $31 49 33 34 51 Compute cost of goods sold, assuming Windsor uses: (Round average cost per unit to 2 decimal places, eg. 2.76 and final answers to O dacimal places eg 6.548)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Step 1: Inventory system:
VIEWStep 2: a)Calculation of Cost of Goods sold using Periodic system, FIFO cost flow,
VIEWStep 3: b) Calculation of Cost of Goods sold using Perpetual system, FIFO cost flow:
VIEWStep 4: c)Calculation of Cost of Goods sold using Periodic system, LIFO cost flow:
VIEWStep 5: d) Calculation of Cost of Goods sold using Perpetual system, LIFO cost flow:
VIEWStep 6: Calculation of Cost of Goods sold using Periodic system, Average cost flow
VIEWStep 7: Calculation of Cost of Goods sold using Perpetual system, moving average cost flow:
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