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Homework answers / question archive / Hazel Company buys and then resells a single product as its primary business activity

Hazel Company buys and then resells a single product as its primary business activity

Accounting

Hazel Company buys and then resells a single product as its primary business activity. Following is information concerning Hazel Company's inventory activity for the product during August 2012: August 1: 200 units on hand @ S18 per unit August 5: Sold 80 units @ 38 per unit August 7: Purchased 170 units @ 17 per unit August 11: Purchased 100 units @ 15 per unit August 15: Sold 200 units @ 35 per unit August 21: Purchased 275 units @ 14 per unit August 25: Purchased 80 units @ 12 per unit August 29: Sold 350 units @ 35 per unit Required: a) Assuming Hazel employs a periodic inventory system, calculate cost of goods sold for the month of August and ending inventory using the following: 1. FIFO cost flow assumption 2. Average cost method b) Which of the two methods resulted in the highest inventory amount for Hazel's August 31 balance sheet? Explain why? c) Assuming Hazel employs a perpetual inventory system, calculate cost of goods sold for the month of August and ending inventory using the following: 1. FIFO cost flow assumption 2. Average cost method

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