ACC 201 Week 3 Q28

Assume that Wally World uses a perpetual weighted average inventory system. During the period, it had two sales. Calculate the average cost per unit on hand as of June 30 when it made its second sale. Jun 1 Beginning Inventory 10 @ $12 Purchase 10 @ $15 Sale units Purchase 10 @ $18 8 units Jun 5 Jun 8 Jun 28 Jun 30 Sale O $10/unit O $15.375/unit O $15/unit O $13.50/unit

Carla Vista Co. uses a perpetual inventory system. Data for product E2-D2 includes the following purchases. Date May 7 July 28 Number of Units (a) 40 30 On June 1, Carla Vista sold 20 units, and on August 27, 30 more units. June 1 sale: Unit Price Aug. 27 sale: $13 18 Your answer is partially correct. Calculate the average cost of the goods sold in the sale. (Round answers to 3 decimal places, e.g. 5.125.) 13 |

Addison, Inc. uses a perpetual inventory system. Below is information about one inventory item for the month of September Sep. 1 Inventory 20 units at $20 4 Sold 10 units 10 Purchased 30 units at $25 17 Sold 20 units 30 Purchased 10 units at $30 - Use the information in the table to answer this question. If Addison uses the weighted average cost method, what is the inventory balance at the end of September? Ⓒa. $1,150.00 O b. $1,375.00 Oc $1,187.50 O d. $1,500.00

Flounder Corp. uses a perpetual inventory system. Data for product E2-D2 include the purchases shown below. Number of Unit Date Units Price May 7 48 $11 July 28 37 16 On June 1, Flounder Corp. sold 24 units, and on August 27, 37 more units. Calculate the average cost per unit. (Round the cost per unit to 3 decimal places, e.g. 5.125.) June 1 sale: $ Aug. 27 sale: $4 SHOW LIST OF ACCOUNTS LINK TO TEXT Compute the cost of goods sold using FIFO, LIFO, and average-cost. (Round answers to 0 decimal places, e.g. 125.) FIFO LIFO AVERAGE-COST Cost of goods sold $ $4 $1

Mayse Company uses a weighted average perpetual inventory system and reports the following: Date August 2 Units Acquired at Cost 10 units @ $17 = $170 15 units @ $20 = $300 August 18 August 29 August 31 14 units @ $21= $294 What is the per unit value of ending inventory on August 31? Answers should be rounded to the nearest cent. Activities Purchase Purchase Sales Purchase Multiple Choice O $21.00 $22.52 O $18.80 $20.42 Units Sold at Retail 20 units sold

Sandhill Department Store uses a perpetual inventory system. Data for product E2-D2 includes the following purchases. Date May 7 July 28 Number of Units (a1) 40 30 June 1 sale On June 1, Sandhill sold 20 units, and on August 27, 30 more units. Aug. 27 sale Your answer is partially correct. Unit Price $12 Calculate the weighted-average unit cost for each sale. (Round answers to 3 decimal places, e.g. 5.125.) $ $ 18 12.000 16.000

on show the following at May 31: Data Table g in of u y using ar.) May 1 Beginning inventory 10 units @ $160 = $1,600 Cos May 15 Purchase 5 units @ $161 = $805 %3D May 26 Purchase 14 units @ $170 = $2,380 Print Done ost of goods sold? Which method produces the lowest cost of goods sold? e to the next question.

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Crane Department Store uses a perpetual inventory system. Data for product E2-D2 includes the following purchases. Date May 7 July 28 Number of Units (a1) 40 June 1 sale 30 Aug. 27 sale On June 1, Crane sold 20 units, and on August 27, 30 more units. Unit Price Calculate the weighted-average unit cost for each sale. (Round answers to 3 decimal places, e.g. 5.125.) $ $18 $ 23

XYZ Inc. uses the average cost formula in a perpetual inventory system. (Use unrounded numbers in your calculations but round to the nearest cent for presentation purposes in your answer.) Jun 1 Beginning inventory 20 units @ $19.00 per unit Purchase Jun 5 100 units @ $22.00 per unit Jun 8 Sale 70 units@ selling price $30 per unit 80 units @ 22.31 per unit Jun 9 Purchase Jun 10 Sale Jun 22 Sale Assuming that all sales were paid, the journal entry (or entries) for the June 10 sale should be: O Cash Cash Sales Cash Sales Sales 25 units @ selling price $30 per unit 40 units @ selling price $30 per unit Cost of Goods Sold 549.96 Inventory Cost of Goods Sold Inventory Cost of Goods Sold Inventory None of the above. 750 750 750 550.00 750 750 750 549.96 750 550.00 750