Solution-Compute cost of goods sold under FIFO

Compute cost of goods sold under FIFO

Reference no: EM132669422

Question - Sheridan Company is a multiproduct firm that uses the perpetual inventory system. Presented below is information concerning one of its products, the Hawkeye.

Date	Transaction	Quantity	Price/Cost
Jan. 1	Beginning inventory	1,020	$11
Feb. 4	Purchase	2,040	17
Feb. 20	Sale	2,550	34
Apr. 2	Purchase	3,060	22
May 4	Sale	2,244	37

Required -

A) Compute cost of goods sold under FIFO.

B) Compute cost of goods sold under LIFO.

C) Compute using moving-average.

Reference no: EM132669422

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Compute cost of goods sold under FIFO

Reference no: EM132669422

Reference no: EM132669422

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