Information on Entity A's inventory of Product A is as follows: Cost formula Total Cost P 58,650 Unit Cost Units P19.55 3,000 Balance at Jan. 1 21.50 219,300 Purchases: 10,200 2,250 Jan. 6 20.60 46,350 Jan. 26 Sales: 2,700 Jan. 7 Jan. 31 7,200 3. How much are the ending inventory and cost of sales under the Weighted Average cost formula? (The average is calculated on a periodic basis.) Ending inventory Cost of sales 324,300 а. 116,495 b. 118,685 c. 116,495 205,615 207,805 С.
Information on Entity A's inventory of Product A is as follows: Cost formula Total Cost P 58,650 Unit Cost Units P19.55 3,000 Balance at Jan. 1 21.50 219,300 Purchases: 10,200 2,250 Jan. 6 20.60 46,350 Jan. 26 Sales: 2,700 Jan. 7 Jan. 31 7,200 3. How much are the ending inventory and cost of sales under the Weighted Average cost formula? (The average is calculated on a periodic basis.) Ending inventory Cost of sales 324,300 а. 116,495 b. 118,685 c. 116,495 205,615 207,805 С.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter8: Inventories: Special Valuation Issues
Section: Chapter Questions
Problem 6P: Retail Inventory Method Turner Corporation uses the retail inventory method. The following...
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