8. Celine Company provided the following data relating to an inventory item.UnitsUnit costTotal costBeginning balance10 Purchase2002501,000,0001,250,000Jan. 15,0005,0007,0001,00016,0002,00015 Sale16 Sale return2,400,000300,00030 Purchase15031 Purchase return150Under the perpetual system, what is the moving average unit cost on January 31?а. 167b. 165C.181d. 225

Perpetual inventory system is system of checking the inventory constantly throughout the year like…

8. Celine Company provided the following data relating to an inventory item. Unit cost Total cost 1,000,000 1,250,000 Units Beginning balance 10 Purchase Jan. 1 200 5,000 5,000 7,000 1,000 16,000 2,000 250 15 Sale 16 Sale return 30 Purchase 150 2,400,000 300,000 31 Purchase return 150 Under the perpetual system, what is the moving average unit cost on January 31? а. 167 b. 165 C. 181 d. 225

8. Celine Company provided the following data relating to an inventory item. Unit cost Total cost 1,000,000 1,250,000 Units Beginning balance 10 Purchase Jan. 1 200 5,000 5,000 7,000 1,000 16,000 2,000 250 15 Sale 16 Sale return 30 Purchase 150 2,400,000 300,000 31 Purchase return 150 Under the perpetual system, what is the moving average unit cost on January 31? а. 167 b. 165 C. 181 d. 225

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 4PEB: Beginning inventory, purchases, and sales for WCS12 are as follows: Assuming a perpetual inventory...

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Calculate the cost of goods sold dollar value for A74 Company for the sale on March 11, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG).
Refer to the information for Morgan Inc. above. If Morgan uses a perpetual inventory system, what is the cost of ending inventory under FIFO at April 30? a. $32,500 b. $38,400 c. $63,600 d. $69,500
Calculate the cost of goods sold dollar value for A67 Company for the month, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for weighted average (AVG).
Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for last-in, first-out (LIFO).
Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for first-in, first-out (FIFO).
Beginning inventory, purchases, and sales for WCS12 are as follows: Assuming a perpetual inventory system and using the weighted average method, determine (a) the weighted average unit cost after the October 22 purchase, (b) the cost of goods sold on October 29, and (c) the inventory on October 31.
On January 1 of Year 1, Dorso Company adopted the dollar-value LIFO method of inventory costing. Dorsos December 31 ending inventory records are as follows: Year 1: Current cost, 20,000; Index, 100 Year 2: Current cost, 33,600; Index, 120 Using the dollar-value LIFO method, compute Dorsos December 31 ending inventory for Year 2.
Calculate the cost of goods sold dollar value for A65 Company for the month, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for first-in, first-out (FIFO).
Beginning inventory, purchases, and sales for WCS12 are as follows: Assuming a perpetual inventory system and using the weighted average method, determine (a) the weighted average unit cost after the October 22 purchase, (b) the cost of the merchandise sold on October 29, and (c) the inventory on October 31.
( Appendix 6B) Inventory Costing Methods: Periodic Average Cost Refer to the information for Filimonov Inc. (p. 337) and assume that the company uses a periodic inventory system. Required: Calculate the cost of goods sold and the cost of ending inventory using the average cost method. ( Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest dollar.)
( Appendix 6B) Refer to the information for Morgan Inc. above. If Morgan uses a periodic inventory system, what is the cost of ending inventory under LIFO at April 30? a. $32,800 b. $38,400 c. $63,600 d. $69,200