Question

Kingbird 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		3,100		$18
2/4		Purchase		4,100		27
2/20		Sale		4,600		45
4/2		Purchase		5,100		35
11/4		Sale		4,300		50

Correct answer iconYour answer is correct.

Calculate average-cost per unit. (Round answer to 4 decimal places, e.g. 2.7613.)

Average-cost per unit

$

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Partially correct answer iconYour answer is partially correct.

Compute cost of goods sold, assuming Kingbird 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

Answer - . cost of goods available for sale Average cost per unit units available for sale - BlooX$18)+ (4100K $27) + (5100x $35) 3100+4100+5100 $345,000 /2300 $28.0418 (2) (aj Beginning mventory = 3100 units Purchases (4100+500) = 9200 units units available for sale = 18300 units leys; sales units (4600+4300) = (8400) units 3400 units 3 ending Inventory units = te = nventoryanto Pegilodie FIFO method :- $ 35) (3100 x $18) +(4400 x $ 47) + cost of goods sold $55800 + EDRO + Dos $ 110, 700 + $ 259,500 =$ 226000 Perpetual- FIFO melkod and ending As per FIFO metood the cost of goods sold mven toong are same in periodic and perpetual $ 226,000 .. cost of goody cold

(es Periodic - LIFO melhod cost of goods solda (5100 x $35) +(3800 x $27) = $178,500 + $ 102,600 a = $281,100. (di Perpetual- LIFO method Purchases sales pale units per unit cost 1 uuls / perunit cost Balance units per unit costa 3100 $16 $55,800 3100 $18 55800 4100 ©27 110,700 2600 18 1 462800 zly 4601 27 $110,700 2/20 4100 27 500 | 18 110,700 | 9000 4/2 1 5100 | 35 | 178,500 2600 5100 18. 35 46800 178,500 11/4 u 115050o| 2600 800 46800 28000 35 Total 8900 270,200 i cost of goods sold = $ 270,200

Cel periodic , weighted -average cost weighted Average cost per unit = $28.0478 8900 units x $ 28.0478 - cost of goods sold = - $ 249,625. (S) Perpetual moving average cost: - cold 12/20 - Ending inventory purchases bale I unuts perunit cost 1 units / perunit Cost | units I perunit) cost 3100 $1855800 1.4100 | 27 3100 | 110, 700 1 210 1 558001 4700 1 27 110700 7200 | 23012511668 4600 | 23-125 1063751 2600 23.125160125 178500 2600 23.125 5700 /60125 5100 35 178,500 7700 | 30.9902 / 239625 4300 30.9904133258 3400 30.990215367 Total 8900 239633 1/4 Torero 3900 237623. a cost of goods sold = $239,633.