Inventory Costing & Periodic and Perpetual Inventory Systems
Option #1: Inventory Costing & Periodic and Perpetual Inventory Systems Benson Company is a manufacturing firm. Presented below is information concerning one of its products: 1/1 Beginning inventory 3,190 $10 2/12 Purchase 3,630 $15 3/2 Sale 2,640 $28 4/18 Purchase 4,950 $18 5/31 Sale 4,180 $30 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 Benson Corporation’s CEO. Format your memo according to the CSU-Global Guide to Writing and APA Requirements.