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FIFO, LIFO, Avg cost for Iowa Company under periodic

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(Compute FIFO, LIFO, Average Cost - Periodic and Perpetual) Iowa 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 1,000 $12
2/4 Purchase 2,000 18
2/20 Sale 2,500 30
4/2 Purchase 3,000 23
11/4 Sale 2,000 33

Instructions

Compute cost of goods sold, assuming Iowa uses:

(a) Periodic system, FIFO cost flow. (d) Perpetual system, LIFO cost flow.
(b) Perpetual system, FIFO cost flow. (e) Periodic system, weighted-average cost flow.
(c) Periodic system, LIFO cost flow. (f) Perpetual system, moving-average cost flow.

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Solution Summary

FIFO and LIFO for the average cost for Iowa Company under periodic is examined.

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