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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
4,500
$18
5/31
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
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