Question 14,15,16 Use the following to answer questions 7 – 17During September, KC Company sells 730 mountain bikesfor $1,000 each. The company has the following inventorypurchase transactions:DateTransaction# of Units Unit cost Total Cost1-Sep Beginning Inventory7-Sep19-Sep50$710$35,500Purchase425S715303,875Purchase275$723198,825750S538,2007. $period?What were company's sales for theFor questions 8 - 10 assume the company uses First-in,First-out (FIFO) inventory valuation.Calculate ending inventory (FIFO)Calculate cost of goods sold (FIFO)8. $9. $10. $Calculate gross profit (FIFO)For questions 11 - 13 assume the company uses Last-in,First-out (LIFO) inventory valuation.11. $Calculate ending inventory (LIFO)12. $Calculate cost of goods sold (LIFO)13. $Calculate gross profit (LIFO)For questions 14 - 16 assume the company uses WeightedAverage cost inventory valuation. For questions 14 - 16 assume the company uses WeightedAverage cost inventory valuation.14. $Calculate ending inventory (WA)15. $Calculate cost of goods sold (WA)16. $Calculate gross profit (WA)

Using weighted average method, cost per unit is calculated as total cost of goods available for sale…

Use the following to answer questions 7– 17 During September, KC Company sells 730 mountain bikes for $1,000 each. The company has the following inventory purchase transactions: # of Units Unit cost Total Cost S710 S35,500 Date Transaction 1-Sep Beginning Inventory 7-Sep 19-Sep 50 Purchase 425 S715 303,875 Purchase 275 S723 198,825 750 $538,200

Use the following to answer questions 7– 17 During September, KC Company sells 730 mountain bikes for $1,000 each. The company has the following inventory purchase transactions: # of Units Unit cost Total Cost S710 S35,500 Date Transaction 1-Sep Beginning Inventory 7-Sep 19-Sep 50 Purchase 425 S715 303,875 Purchase 275 S723 198,825 750 $538,200

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter5: Inventories And Cost Of Goods Sold

Section: Chapter Questions

Problem 5.12AMCP

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