30 Jun Question Description Inventory Costing & Periodic and Perpetual Inventory Systems
Question Description
Inventory Costing & Periodic and Perpetual Inventory Systems
Benford Corporation is a manufacturing firm. Presented below is information concerning one of its products:
1/1 Beginning Inventory 3,480 $15
2/12 Purchase 3,960 $20
3/2 Sale 2,880 $33
4/18 Purchase 5,400 $23
5/31 Sale 4,560 $35
Part A
Compute the cost of goods sold under the following situations:
Periodic system, FIFO cost flow
Perpetual system, FIFO cost flow
Periodic system, LIFO cost flow
Perpetual system, LIFO cost flow
Periodic system, weighted-average cost flow
Perpetual system, moving-average cost flow
Your answers must be submitted in an Excel file and must show all calculations used to arrive at the final answers.
Part B
Summarize the cost of goods sold in a one-page memo to Benford Corporation’s CEO. Format your
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