Question

Vaughn Company is a multiproduct firm. Presented below is information concerning one of its products, the Hawkeye.

Date		Transaction		Quantity		Price/Cost
1/1		Beginning inventory		2,500		$17
2/4		Purchase		3,500		25
2/20		Sale		4,000		41
4/2		Purchase		4,500		32
11/4		Sale		3,700		46

Compute cost of goods sold, assuming Vaughn 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.)

				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		$

Answer 1

Cost of Goods sold is as calculated below:

FIFO Cost of goods sold Cost of goods availa ble for sale Cost of goods available for Cost of No. of units Cost per unit goods sold 42.500 Cost per unit No, of units sa le Begiming Inventory1/1 Purchases 42.500 2.500 17 2.500 17 87.500 3.500 2/4 25 87.500 144,000 3,500 25 4,500 4/2 32 1.700 7.700 32 54.400 184,400 Total 10.500 274,000

FFO-Pemetual Cost of oods sold Date Goods Purchased Ending Inemtory Cost perunit Cost ofpurchase Uuits soldCost per miCost ofgoods sakd Cost per umit Ending balce 42 500 42500 42500 Units Units Jan-01 Blace Fab-04 2500 2500 2500 17 3.500 25 81.500 17 3500 25. 87500 130000 6000 Balance Fab-0 2500 17 42500 2000 25 50000 1500 25. 37 500 2000 2000 50000 50000 144000 Balance A-02 4500 32 144.000 25 4500 32 6500 2800 Balauce Nov-04 194000 89,600 50000 54 400 2000 1700 25 32 32 Blace 2800 89600 CostofGoods Sold 184.400 7700

LIFO Cost of goods availa ble for sale Cost of goods Cost of goods sold available for Cost of No. of units Cost per unit goods sold Cost per unit No, of units sa le Begiming Inventory1/1 Purchases 42,500 2.500 17 3.500 2/4 25 87.500 144,000 3.200 4.500 7.700 25 S0.000 144,000 224.000 4,500 4/2 32 32 Total 10.500 274,000

LIFO-Pemetual Cost of oods sold Date Goods Purchased Ending Imemtory Cost perunit Cost ofpurchase Uuits soldCost per miCost ofgoods sakd Cost per uit Ending balnce 42 500 42500 42500 Units Units Jan-01 Blace Fab-04 2500 2500 2500 17 3.500 25 81.500 17 3500 25. 87500 130000 Balaxe 6000 7500 8500 Fab-0 3.500 500 25 2000 17 34000 17 34000 Balance 2000 2000 4500 Apr-02 4500 32 144.000 17 32 34000 144000 178000 Balauce 6500 118 400 Nav-04. 3700 32 2000 17 4000 800 2800 32 25600 59.600 Blae Cost of Goods Sold 7.700 214.400

Weighted Average Cost of goods sold Cost of goods availa ble for sale Cost of goods available for Cost of No. of units Cost per unit No. of units Cost per unit goods sold 200.933 sa le Begiming Inventory1/1 Purchases 42.500 2.500 17 7.700 26 3.500 2/4 25 87.500 4,500 144,000 4/2 32 Total 26.0952 200.933 10,500 274,000 7.700

Marmg memee-Perpetual Cost of eoods sold Date Goods Purchased Ending Imemtory Cost perunit Cost ofpurchase Uuits soldCost per miCost ofgoods sakd Cost per umit Ending balnce 42 500 42500 42500 Units Units Jan-01 Blace Fab-04 2500 2500 2500 17 3.500 25 81.500 17 3500 25 87500 Balaxe 6000 216667 22 130000 43333 Fab-0 4000 22 85667 2000 Balance 2000 2000 4500 216607 22 32 288205 43333 43333 144000 187333 Apr-02 4500 32 144.000 Balauce 6500 Nav-04. 3700 29 106.636. 2800 288206 80,697 Blae 2800 80697 Cost of Goods Sold 7.700 193.303