Reference no: EM13529397
(Compute FIFO, LIFO, Average Cost-Periodic and Perpetual) Ehlo Company is a multiproduct firm. Presented below is information concerning one of its products, the Hawkeye.
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Date
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Transaction
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Quantity
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Price/Cost
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1-Jan
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Beginning inventory
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1,000
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$12
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4-Feb
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Purchase
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2,000
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18
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20-Feb
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Sale
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2,500
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30
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2-Apr
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Purchase
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3,000
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23
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4-Nov
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Sale
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2,200
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33
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Instructions
Compute cost of goods sold, assuming Ehlo uses:
(a) Periodic system, FIFO cost flow.
(b) Perpetual system, FIFO cost flow.
(c) Periodic system, LIFO cost flow.
(d) Perpetual system, LIFO cost flow.
(e) Periodic system, weighted-average cost flow.
(f) Perpetual system, moving-average cost flow.
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