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compute cost of goods sold assuming ehlo uses 645134

(Compute FIFO, LIFO, Average Cost—Periodic and Perpetual) Ehlo Company is a multiproduct firm. Presented below is information concerning one of its products, the Hawkeye.

Date

Transaction

Quantity

Price/Cost

1 Jan

Beginning inventory

1,000

$12

4 Feb

Purchase

2,000

18

20 Feb

Sale

2,500

30

2 Apr

Purchase

3,000

23

4 Nov

Sale

2,200

33

Instructions

Compute cost of goods sold, assuming Ehlo 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.

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