Moath Company reports the following for the month of June. Units Unit Cost Total Cost June 1 Inventory 200 $5 $ 1,000 12 Purchase 400 6 2,400 23 Purchase 300 7 2,100 30 Inventory 100 (a1) MYour answer is correct. Calulate Weighted Average Unit Cost. (Round answer to 2 decimal places, e.g. 15.25.) Weighted Average Unit Cost 6.11
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A: Moving average unit cost will be calculated by dividing total costs by number of units.
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A:
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A: Following are the calculation of weighted average unit cost:
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- ACCT 1510 (W2021) Integrative Case Assignment Due Date: Feb. 9 (7 pm)Hardform Mold Shop Inc. is a company specialized in designing and building molds for theautomotive and aircraft industries. The account balances in the company’s general ledger onJanuary 1, 2020 (first day of the annual fiscal year) were as follows (all account balances are intheir normal position):Cash $ 3,700Accounts receivable 5,900Supplies inventory 29,300Land 168,500Buildings 116,500Accumulated depreciation, buildings 37,500Equipment 58,500Accumulated depreciation, equipment 18,000Accounts payable 25,200Income tax payable 16,600Interest payable 4,200Wages payable (due in 2020) 15,700Notes payable ($10,000 due June 30, 2021, balance due June 30, 2022) 61,500Common shares 151,500Retained earnings, Dec. 31, 2019 52,200Transactions during 2020:a. The company provided mold design services, all on credit, for $210,300. In addition, thecompany manufactured molds for customers for $62,300 cash.b. Accounts receivable of…Question 1: Calculate the cost of material available for use, cost of material issued and cost of material ending under FIFO and LIFO methods (periodic system). Also give the journal entries under each of the method. Date Details Units Cost per unit Rs. Total Cost Rs Jan 01 Beg Inventory 20 10 200 Jan 05 Purchases 50 11 550 Jan 06 Issued 30 Jan 09 Purchases 40 12 480 Jan 15 Purchases 20 13 260 Jan 20 Issued 60 Jan 28 Purchases 10 15 150Calculate the cost of material available for use, cost of material issued and cost of material ending under FIFO and LIFO methods (periodic system). Also give the journal entries under each of the method. Date detail Units cost per unit Rs. Total cost Rs. Jan 1 beg inventory 20 10 200 Jan 5 Purchases 50 11 550 Jan 6 issued 30 Jan 9 Purchases 40 12 480 Jan 15 Purchases 20 13 260 Jan 20 Issued 60 Jan 28 Purchases 10 15 150
- Comparative Analysis: Under Armour, Inc., vs. Columbia Sportswear Refer to the 10-K reports of Under Armour, Inc., and Columbia Sportswear that are available for download from the companion website at CengageBrain.com. Required: Do Under Armour and Columbia use the same method to value their inventories?eBook Show Me How Question Content Area Cost Flow Methods The following three identical units of Item LO3V are purchased during April: Item Beta Units Cost April 2 Purchase 1 $196 April 15 Purchase 1 199 April 20 Purchase 1 202 Total 3 $597 Average cost per unit $199 ($597 ÷ 3 units) Assume that one unit is sold on April 27 for $255. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost method. Gross Profit Ending Inventory a. First-in, first-out (FIFO) $fill in the blank 1 $fill in the blank 2 b. Last-in, first-out (LIFO) $fill in the blank 3 $fill in the blank 4 c. Weighted average cost $fill in the blank 5 $fill in the blank 6 Please don't provide answer image based thnxIN 10 MINUTES Computational. ABC sells item A as part of its product line. Information as to balances on hand, purchases, and sales of item A are given in the following table for the first six months of 20X3.Date Purchased Sold Balance of PurchaseJanuary 1 (Inventory beginning) 3,000 units @ P250PurchasesJanuary 24, 3,300 units @ P260June 11, 2,140 units @ P280SalesFebruary 8, 4,800 units @ P350March 16, 1,060 @ P350For the 6 months under weighted average cost (periodic) determine the cost per unit (Sample answer: 112.25. Round off your answer to 2-decimal places)
- company A issues an invoice upon selling its product to company bBelow is the information extracted from the invoiceprice : $ 100quantity: 50Term: n/3; 2/10date : 2022-oct-10 find the discount amount? and discount period?NEEDED IN 10 MINUTES Computational. ABC sells item A as part of its product line. Information as to balances on hand, purchases, and sales of item A are given in the following table for the first six months of 20X3.Date Purchased Sold Balance of PurchaseJanuary 1 (Inventory beginning) 3,000 units @ P250PurchasesJanuary 24, 3,300 units @ P260June 11, 2,140 units @ P280SalesFebruary 8, 4,800 units @ P350March 16, 1,060 @ P350For the 6 months under weighted average cost (periodic) determine the gross profit (Sample answer: 254,360. Round off your answer to the nearest peso)eBook Question Content Area There were 2,600 units in ending work in process inventory that were 100% complete with regard to material and 25% complete with regard to conversion costs. Ending work in process inventory had a cost of $10,400 and a per-unit material cost of $2. What was the conversion cost per unit using the weighted-average method? Conversion cost per unit $fill in the blank 1
- Materials issued for the current month are as follows: Requisition No. Material Job No. Amount 103 Plastic 400 $29,220 104 Steel 402 38,530 105 Glue Indirect 2,120 106 Rubber 403 3,670 107 Titanium 404 88,690 Journalize the entry to record the issuance of materials. If an amount box does not require an entry, leave it blank. blank - Select - - Select - - Select - - Select - - Select - - Select -E2-7 FIFO costing Using first-in, first-out perpetual inventory costing and the follow- ing information, determine the cost of materials used and the cost of the July 31 inventory: July 1 Balance on hand, 1,000 yd of linen @ $4.00 each. 3 Issued 250 yd. 5 Received 500 yd @ $4.50 each. 6 Issued 150 yd. 10 Issued 110 yd. 11 Factory returned 10 yd, which were issued on the 10th, to the storeroom. 15 Received 500 yd @ $5.00 each. 20 Returned 300 yd to the vendor from the July 15 purchase. 26 Issued 600 yd