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Calculate cost of goods sold

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Question - Flint Corporation is a multi-product firm. The following information concerns one of its products, the Trinton:

Date Transaction Quantity Price/Cost

Jan. 1 Beginning inventory 1,400 $12

Feb. 4 Purchase 2,390 16

Feb. 20 Sale 2,800 32

Apr. 2 Purchase 3,370 25

Nov. 4 Sale 2,400 37

Required -

1. Calculate cost of goods sold, assuming Flint uses a periodic inventory system and FIFO cost formula.

2. Calculate cost of goods sold, assuming Flint uses a periodic inventory system and weighted average cost formula.

3. Calculate cost of goods sold, assuming Flint uses a perpetual inventory system and moving-average cost formula.

Reference no: EM132840594

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