Question - Compute FIFO, LIFO, Average Cost-Periodic and Perpetual) TIK Company manufactures many products for use in the airline industry. Presented below is information concerning one of its products, the Orbit.
Date:
1/1/2017 Beginning inventory - quantity 1600 - Price/Cost $31
3/6/2017 Sale - quantity 1000 - price/cost $50
6/26/2017 Purchase - quantity 3500 - price/cost 33
8/2/2017 purchase - quantity 2000 - price/cost 34
10/31/2017 sale - quantity 4000 - price/cost 52
Instructions - Compute cost of goods sold, assuming TIK uses:
(a) Periodic system, FIFO cost flow.
(b) Periodic system, LIFO cost flow.
(c) Periodic system, weighted-average cost flow.
(d) Perpetual system, FIFO cost flow.
(e) Perpetual system, LIFO cost flow.
(f) Perpetual system, moving-average cost flow.
Carry Average Unit Costs to at least two decimal places.