Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for WCS12 are as follows: Oct. 1 Inventory 300 units at $12 13 Sale 170 units 22 Purchase 370 units at $15 29 Sale 200 units a. Assuming a perpetual inventory system and using the weighted average method, determine the weighted average unit cost after the October 22 purchase. Round your answer to two decimal places. per unit b. Assuming a perpetual inventory system and using the weighted average method, determine the cost of goods sold on October 29. Round your "average unit cost" to two decimal places. C. Assuming a perpetual inventory system and using the weighted average method, determine the inventory on October 31. Round your "average unit cost" to two decimal places.

Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for WCS12 are as follows: Oct. 1 Inventory 300 units at $12 13 Sale 170 units 22 Purchase 370 units at $15 29 Sale 200 units a. Assuming a perpetual inventory system and using the weighted average method, determine the weighted average unit cost after the October 22 purchase. Round your answer to two decimal places. per unit b. Assuming a perpetual inventory system and using the weighted average method, determine the cost of goods sold on October 29. Round your "average unit cost" to two decimal places. C. Assuming a perpetual inventory system and using the weighted average method, determine the inventory on October 31. Round your "average unit cost" to two decimal places.

Name: * CengageNOwv2 | Online teachir xs://v2.cengagenow.com/ilrn/takeAssig
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: * CengageNOwv2 | Online teachir xs://v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssi.31 回eBookShow Me HowPerpetual Inventory Using Weighted AverageBeginning inventory, purchases, and sales for WCS12 are as follows:Oct.

Corporate Financial Accounting

14th Edition

ISBN:9781305653535

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

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

Chapter6: Inventories

Section: Chapter Questions

Problem 6.2BE: Perpetual inventory using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as...

See similar textbooks

Similar questions

eBook Calculator Print Item Lower-of-Cost-or-Market Inventory Data on the physical inventory of Ashwood Products Company as of December 31 follows: Description InventoryQuantity Unit MarketPrice B12 38 $ 57 E41 18 180 G19 33 126 L88 18 550 N94 400 7 P24 90 18 R66 8 250 T33 140 20 Z16 15 752 Quantity and cost data from the last purchases invoice of the year and the next-to-the-last purchases invoice are summarized as follows: LastPurchases Invoice Next-to-the-LastPurchases Invoice Description QuantityPurchased UnitCost QuantityPurchased UnitCost B12 30 $ 60 30 $ 59 E41 35 178 20 180 G19 20 128 25 129 L88 10 563 10 560 N94 500 8 500 7 P24 80 22 50 21 R66 5 248 4 260 T33 100 21 100 19 Z16 10 750 9 745…
Perpetual inventory using LIFO The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 4,400 units at $38 Apr. 19 Sale 2,700 units June 30 Purchase 4,000 units at $42 Sept. 2 Sale 5,200 units Nov. 15 Purchase 2,400 units at $43 This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the question below. Open spreadsheet The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the last-in, first-out method. Present the data in the form illustrated in Exhibit 4. Under LIFO, if units are in inventory at two or more different costs, enter the units with the LOWER unit cost first in the Inventory Unit Cost column. Round your answers for quantity values to the nearest whole number, for unit cost values to the nearest cent,…
On May 2, you paid Carolina Mfg. (account number C354) for inventory purchased on Apr. 27 for $1,000. Carolina Mfg. offered terms of 2/10, n/30. Use check #8024.
Perpetual inventory using LIFO The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 4,300 units at $42 Apr. 19 Sale 2,000 units June 30 Purchase 4,800 units at $47 Sept. 2 Sale 6,600 units Nov. 15 Purchase 2,400 units at $49 This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the question below. The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the last-in, first-out method. Present the data in the form illustrated in Exhibit 4. Under LIFO, if units are in inventory at two or more different costs, enter the units with the LOWER unit cost first in the Inventory Unit Cost column. Round your answers for quantity values to the nearest whole number, for unit cost values to the nearest cent, and for total cost values to…
eBook Perpetual Inventory Using LIFO The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 4,000 units at $20 Apr. 19 Sale 2,500 units June 30 Purchase 6,000 units at $24 Sept. 2 Sale 4,500 units Nov. 15 Purchase 1,000 units at $25 The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the last-in, first-out method. Present the data in the form illustrated in Exhibit 4. Under LIFO, if units are in inventory at two or more different costs, enter the units with the LOWER unit cost first in the Inventory Unit Cost column. Schedule of Cost of Goods SoldLIFO Method Purchases Cost of Goods Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Jan. 1 fill in the blank 1 $fill in the blank 2 $fill in the blank 3 Apr. 19 fill in the blank 4 $fill…
Please refer to the picture below for information. Kindly show the complete solution using MS Excel or Table. Thank you so much. Question: Using Perpetual system and LIFO method, what is the amount of inventory as of December 31? a. P59,000 b. P57,000 c. P61,600 d. P60,210
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 thnx
eBook Show Me How FIFO Perpetual Inventory The beginning inventory of merchandise at Rhodes Co. and data on purchases and sales for a three-month period ending June 30 are as follows: Date Transaction Numberof Units Per Unit Total Apr. 3 Inventory 66 $600 $39,600 8 Purchase 132 720 95,040 11 Sale 88 2,000 176,000 30 Sale 55 2,000 110,000 May 8 Purchase 110 800 88,000 10 Sale 66 2,000 132,000 19 Sale 33 2,000 66,000 28 Purchase 110 880 96,800 June 5 Sale 66 2,100 138,600 16 Sale 88 2,100 184,800 21 Purchase 198 960 190,080 28 Sale 99 2,100 207,900
10points eBook Print References Check my workCheck My Work button is now enabled Item 2 Journalize each of the following transactions assuming a perpetual inventory system and PST at 8% along with 5% GST. 5 Sold $2,700 of merchandise for $3,100; terms n/15. Journal entry worksheet Record the cost of sale.
The inventory data for an item for November are: Nov. 1 Inventory 20 units at $19 4 Sale 10 units 10 Purchase 30 units at $20 17 Sale 20 units 30 Purchase 10 units at $21 Using a perpetual system, what is the value of COGS for November if the company uses FIFO? Select one: a. $600 b. $610 c. $400 d. $590
eBook Show Me How Calculator Print Item Periodic Inventory by Three Methods Dymac Appliances uses the periodic inventory system. Details regarding the inventory of appliances at January 1, purchases invoices during the next 12 months, and the inventory count at December 31 are summarized as follows: Purchases Invoices Model Inventory,January 1 1st 2nd 3rd Inventory Count,December 31 A10 __ 4 at $ 64 4 at $ 70 4 at $ 76 6 B15 8 at $ 176 4 at 158 3 at 170 6 at 184 8 E60 3 at 75 3 at 65 15 at 68 9 at 70 5 G83 7 at 242 6 at 250 5 at 260 10 at 259 9 J34 12 at 240 10 at 246 16 at 267 16 at 270 15 M90 2 at 108 2 at 110 3 at 128 3 at 130 5 Q70 5 at 160 4 at 170 4 at 175 7 at 180 8 Required: 1. Determine the cost of the inventory on December 31 by the first-in, first-out method. If the inventory of a particular model comprises one entire purchase plus a portion of another purchase acquired at a different unit cost, use a separate line…
( Appendix 6B) Refer to the information for Morgan Inc. above. If Morgan uses a periodic inventory system, what is the cost of goods sold under FIFO at April 30? a. $32,800 b. $38,400 c. $63,600 d. $69,200