Hansen Corporation uses the perpetual inventory system and had the following information available: InstructionsAnswer the following independent questions and show calculations supporting your answers:
a. Assume that the company uses the FIFO cost formula. The cost of goods sold for the Jan 21 sale was $__________.
b. Assume that the company uses the average cost formula. The cost of goods sold for the Jan 21 sale was $__________. (Use unrounded numbers in your calculations but round to the nearest cent for presentation purposes in your answer.)
c. Assume that the company uses the average cost formula. The value of the inventory after the Nov 15 sale was $__________. (Use unrounded numbers in your calculations but round to the nearest cent for presentation purposes in your answer.)
d. Assume that the company uses the FIFO cost formula. The value of the inventory after the Oct 20 purchase is $__________.

Question

Hansen Corporation uses the perpetual inventory system and had the following information available:  InstructionsAnswer the following independent questions and show calculations supporting your answers: 
a. Assume that the company uses the FIFO cost formula. The cost of goods sold for the Jan 21 sale was $__________.
b. Assume that the company uses the average cost formula. The cost of goods sold for the Jan 21 sale was $__________. (Use unrounded numbers in your calculations but round to the nearest cent for presentation purposes in your answer.)
c. Assume that the company uses the average cost formula. The value of the inventory after the Nov 15 sale was $__________. (Use unrounded numbers in your calculations but round to the nearest cent for presentation purposes in your answer.)
d. Assume that the company uses the FIFO cost formula. The value of the inventory after the Oct 20 purchase is $__________.

Quizplus · Accepted Answer

The Answer of Hansen Corporation uses the perpetual inventory system and had the following information available:  InstructionsAnswer the following independent questions and show calculations supporting your answers: 
a. Assume that the company uses the FIFO cost formula. The cost of goods sold for the Jan 21 sale was $__________.
b. Assume that the company uses the average cost formula. The cost of goods sold for the Jan 21 sale was $__________. (Use unrounded numbers in your calculations but round to the nearest cent for presentation purposes in your answer.)
c. Assume that the company uses the average cost formula. The value of the inventory after the Nov 15 sale was $__________. (Use unrounded numbers in your calculations but round to the nearest cent for presentation purposes in your answer.)
d. Assume that the company uses the FIFO cost formula. The value of the inventory after the Oct 20 purchase is $__________.

Hansen Corporation Uses the Perpetual Inventory System and Had the Following