Question

Splish Company is a multi product firm. Presented below is information concerning one of its products, the Hawkeye.

Date		Transaction		Quantity		Price/Cost
1/1		Beginning inventory		1,500		$14
2/4		Purchase		2,500		21
2/20		Sale		3,000		35
4/2		Purchase		3,500		27
11/4		Sale		2,700		39

Compute cost of goods sold, assuming Splish uses: (Round average cost per unit to 4 decimal places, e.g. 2.7631 and final answers to 0 decimal places, e.g. 6,548.)

1)Periodic system, LIFO cost flow

2) Perpetual system, moving-average cost flow

Answer 1

The answer has been presented in the supporting sheet. For detailed answer refer to the supporting sheet. For detailed answer refer to the supporting sheet.