Headland Company is a multiproduct firm that uses the perpetual inventory system. Presented below is...
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Accounting
Headland Company is a multiproduct firm that uses the perpetual inventory system. Presented below is information concerning one of its products, the Hawkeye.
| Date | Transaction | Quantity | Price/Cost | |||
| Jan. 1 | Beginning inventory | 960 | $14 | |||
| Feb. 4 | Purchase | 1,920 | 20 | |||
| Feb. 20 | Sale | 2,400 | 36 | |||
| Apr. 2 | Purchase | 2,880 | 25 | |||
| May 4 | Sale | 2,112 | 39 |
Compute cost of goods sold under LIFO.
| Cost of goods sold | $ | |
| Ending inventory | $ |
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You can see the logs in the Dashboard.