Answer:
Average-cost per unit $19.50
Cost of goods sold
(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
Explanation:
Date Transaction Quantity Price/Cost
1/1 Beginning inventory 1,000 $12
2/4 Purchase 2,000 $18
2/20 Sale 2,500 $30
4/2 Purchase 3,000 $23
11/4 Sale 2,200 $33
total 1,300
Date Transaction Quantity Price/Cost
1/1 Beginning inventory 1,000 $12
2/4 Purchase 2,000 $18
4/2 Purchase 3,000 $23
total 6,000 $19.50
using periodic inventory system:
Date Transaction Quantity Price/Cost
1/1 Beginning inventory 1,000 $12
2/4 Purchase 2,000 $18
4/2 Purchase 3,000 $23
total 1,300
COGS under FIFO = (1,000 x $12) + (2,000 x $18) + (1,700 x $23) = $87,100
COGS under LIFO = (3,000 x $23) + (1,700 x $18) = $99,600
COGS under weighted average = 4,700 x $19.50 = $91,650
using perpetual inventory system:
Date Transaction Quantity Price/Cost
1/1 Beginning inventory 1,000 $12
2/4 Purchase 2,000 $18
2/20 Sale 2,500 $30
4/2 Purchase 3,000 $23
11/4 Sale 2,200 $33
COGS under FIFO = (1,000 x $12) + (1,500 x $18) + (500 x $18) + (1,700 x $23) = $87,100
COGS under LIFO = (2,000 x $18) + (500 x $12) + (2,200 x $23) = $92,600
COGS under weighted average = (2,500 x $16) + (2,200 x $22) = $88,400