Drago Company has a fiscal year end on December 31. The company has only one product in inventory, and all units of that product are identical (homogenous). The opening balance unit price is $13 per unit. Complete the following schedule to calculate the value of ending inventory using the weighted-average cost method under the perpetual inventory system. Then calculate the cost of goods sold for the year 2022. Do not enter dollar signs or commas in the input boxes. Round all answers to 2 decimal places. Date Purchases Jan 29 Feb 8 Mar 14 Apr 1 Jul 20 Sep 24 Nov 20 Quantity Cost Quantity tequired 17 $14.00 12 $16.00 40 $18.00 Sales Calculate the cost of goods sold. Cost 12 $13.41 10 $14.58 16 $14.58 Balance Quantity 100 $ 117 S 129 $ 117 S 157 $ 147 $ 131 $ Value
Drago Company has a fiscal year end on December 31. The company has only one product in inventory, and all units of that product are identical (homogenous). The opening balance unit price is $13 per unit. Complete the following schedule to calculate the value of ending inventory using the weighted-average cost method under the perpetual inventory system. Then calculate the cost of goods sold for the year 2022. Do not enter dollar signs or commas in the input boxes. Round all answers to 2 decimal places. Date Purchases Jan 29 Feb 8 Mar 14 Apr 1 Jul 20 Sep 24 Nov 20 Quantity Cost Quantity tequired 17 $14.00 12 $16.00 40 $18.00 Sales Calculate the cost of goods sold. Cost 12 $13.41 10 $14.58 16 $14.58 Balance Quantity 100 $ 117 S 129 $ 117 S 157 $ 147 $ 131 $ Value
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter13: Accounting For Merchandise Inventory
Section: Chapter Questions
Problem 1MP: Hurst Companys beginning inventory and purchases during the fiscal year ended December 31, 20-2,...
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