Question - Cullumber Company is a multi product firm. Presented below is information concerning one of its products, the Hawkeye.
|
Date
|
Transactions
|
Quantity
|
Price/Cost
|
|
1/1
|
Beginning inventory
|
1,100
|
$13
|
|
2/4
|
Purchase
|
2,100
|
20
|
|
2/20
|
Sale
|
2,600
|
33
|
|
4/2
|
Purchase
|
3,100
|
25
|
|
11/4
|
Sale
|
2,300
|
36
|
Calculate average-cost per unit.
Compute cost of goods sold, assuming Cullumber uses:
(a) Periodic system, FIFO cost flow
(b) Perpetual system, FIFO cost flow
(c) Periodic system, LIFO cost flow
(d) Perpetual system, LIFO cost flow
(e) Periodic system, weighted-average cost flow
(f) Perpetual system, moving-average cost flow