Solution-Calculate cost of goods sold

Calculate cost of goods sold

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Question - Swifty 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	1,200	$13
Feb. 4	Purchase	2,090	18
Feb. 20	Sale	2,400	31
Apr. 2	Purchase	3,170	21
Nov. 4	Sale	2,200	36

Required -

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

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

Reference no: EM133062792

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Calculate cost of goods sold

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Reference no: EM133062792

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