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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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