PART A The Snowboarding Company provided the following information for one of its top-selling snowboards: Date Item Units Cost per unit Nov. 1 Beginning inventory 26 $197 5 Sale 12 $300 selling price per unit 12 Purchase 65 $210 16 Sale 50 $305 selling price per unit Required: Assuming a perpetual inventory system. Calculate the cost of goods sold using moving-weighted-average on November 5 and November 16.
PART A
The Snowboarding Company provided the following information for one of its top-selling snowboards:
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Date Item Units Cost per unit Nov. 1 Beginning inventory 26 $197 |
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5 Sale 12 $300 selling price per unit |
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12 Purchase 65 $210 |
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16 Sale 50 $305 selling price per unit
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Required:
Assuming a perpetual inventory system. Calculate the cost of goods sold using moving-weighted-average on November 5 and November 16.
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PART B
Kruger Corp. reported the following sale and purchase transactions in January 2015:
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Table 1 |
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Jan. 1 Beginning inventor 5 units at $90 each |
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Jan. 3 Sale on account 3 units at $100 each(selling Price) |
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Jan. 6 Purchase on account 11 units at $95 each |
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Jan. 8 Sale on account 4 units at $100 each(selling Price) |
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Jan. 9 Sale on account 5 units at $100 each(selling Price) |
Kruger Corp. uses a periodic inventory system, and the FIFO inventory costing method.
Required:
- Calculate the total sales for January.
- Calculate the cost of goods sold for January.
- Calculate the gross profit for January.
- Calculate the cost of ending inventory for January.
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