Inventory Costing and Periodic and Perpetual inventory Systems
Redster Company is a manufacturing firm. Presented below is information concerning one of its products, called Ander.
Using an Excel spreadsheet, compute the cost of goods sold under the following situations:
|
Date
|
Transaction
|
Quantity
|
Price/Cost
|
|
1/1
|
Beginning inventory
|
2,900
|
$10
|
|
2/12
|
Purchase
|
3,300
|
$15
|
|
3/2
|
Sale
|
2,400
|
$28
|
|
4/18
|
Purchase
|
4,500
|
$18
|
|
5/31
|
Sale
|
3,800
|
$30
|
- Periodic system, FIFO cost flow
- Perpetual system, FIFO cost flow
- Periodic system, LIFO cost flow
- Perpetual system, LIFO cost flow
- Periodic system, weighted-average cost flow
- Perpetual system, moving-average cost flow