Question

(8 points) Ehlo 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 3,980 $18 2/4 Purchase 4,000 22 2/20 Sale 4,650 4/2 Purchase 5,250 24 7/17 Purchase 3,100 27 11/4 Sale 6,200.Compute cost of goods sold, assuming Ehlo uses:a. Periodic system, FIFO cost flowb. Perpetual system, FIFO cost flowc. Periodic system, LIFO cost flowd. Perpetual system, LIFO cost flowe. Periodic system, weighted=average cost flowf. Perpetual system, moving-average cost flow

Answer 1

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Step-by-step explanation:

Periodic FIFO is a cost flow tracking system that is used within a periodic inventory system. In a periodic system, the ending inventory balance is only updated when there is a physical inventory count.

Under first-in, first-out method, the ending balance of inventory represents the most recent costs incurred to purchase merchandise or materials.

Please go to attachment for a step by step explaination of the answer.