Cost of Goods Sold
Redster Company is a manufacturing firm. Presented below is information concerning one of its products, Ander:
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
Compute the cost of goods sold under the following situations:
1. Periodic system, FIFO cost flow
2. Perpetual system, FIFO cost flow
3. Periodic system, LIFO cost flow
4. Perpetual system, LIFO cost flow
5. Periodic system, weighted-average cost flow
6. Perpetual system, moving-average cost flow