Norman Company is a manufacturer. Below is information about one of its products.
Date Description Quantity Cost/Price ($)
Jan 1 Beginning inventory 1,000 12
Feb 4 Purchase 2,000 18
Feb 20 Sales 2,500 30
Apr 2 Purchase 3,000 23
Nov 4 Sale 2,200 33
Required:
Compute ending inventory and cost of goods sold as of December 31,2013 using each of the following alternatives:
a. FIFO, periodic system
b. FIFO, perpetual system
c. LIFO, periodic system
d. LIFO, perpetual system
e. Average cost, periodic system
f. Average cost, perpetual system