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2. Using your calculations in Part 1, complete the following table: (Do not round intermediate calculations. Round the final answers to nearest dollar.) X Answer is complete but not entirely correct. Moving Weighted Average FIFO Sales $ 4,617 $ 4,617 Cost of goods sold 1,849 O s 1,894 X Gross profit 2,768 O $ 2,723

2. Using your calculations in Part 1, complete the following table: (Do not round intermediate calculations. Round the final answers to nearest dollar.) X Answer is complete but not entirely correct. Moving Weighted Average FIFO Sales $ 4,617 $ 4,617 Cost of goods sold 1,849 O s 1,894 X Gross profit 2,768 O $ 2,723

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Need help with the weighted moving averages. please explain step by step how you got it.Thanks

2. Using your calculations in Part 1, complete the following table: (Do not round intermediate calculations. Round the final answers to nearest dollar.) X Answer is complete but not entirely correct. Moving Weighted Average FIFO Sales $ 4,617 O $ 4,617 O Cost of goods sold 1,849 O $ 1,894 X Gross profit $ 2,768 O $ 2,723 X
Transcribed Image Text:2. Using your calculations in Part 1, complete the following table: (Do not round intermediate calculations. Round the final answers to nearest dollar.) X Answer is complete but not entirely correct. Moving Weighted Average FIFO Sales $ 4,617 O $ 4,617 O Cost of goods sold 1,849 O $ 1,894 X Gross profit $ 2,768 O $ 2,723 X
Problem 6-6A Alternative cost flows-perpetual LO2, 3 Case Defence sells smartphone cases and uses the perpetual inventory system. The following is information on the purchases and sales of "Defender Box" cases. On October 1, Case Defence had 27 units with a unit cost of $21. Purchases Sales Date Units Unit Cost Units Unit Price Oct. 17 22 Oct. 22 $ 57 Oct. 12 27 24 Oct. 19 27 $ 57 Oct. 23 37 26 Oct. 30 32 $ 57 Oct. 31 22 27 Required: 1. Calculate the dollar value of cost of goods sold and ending inventory for the month of October using the following methods. (Do not round intermediate calculations. Round weighted average all unit costs to two decimal places and round all other numbers to the nearest dollar.) Answer is complete but not entirely correct. Ending Inventory Cost of Goods Sold a. FIFO $ 1,296 O $ 1,849 V b. Moving weighted average $ 1,894 X $ 1,275 X
Transcribed Image Text:Problem 6-6A Alternative cost flows-perpetual LO2, 3 Case Defence sells smartphone cases and uses the perpetual inventory system. The following is information on the purchases and sales of "Defender Box" cases. On October 1, Case Defence had 27 units with a unit cost of $21. Purchases Sales Date Units Unit Cost Units Unit Price Oct. 17 22 Oct. 22 $ 57 Oct. 12 27 24 Oct. 19 27 $ 57 Oct. 23 37 26 Oct. 30 32 $ 57 Oct. 31 22 27 Required: 1. Calculate the dollar value of cost of goods sold and ending inventory for the month of October using the following methods. (Do not round intermediate calculations. Round weighted average all unit costs to two decimal places and round all other numbers to the nearest dollar.) Answer is complete but not entirely correct. Ending Inventory Cost of Goods Sold a. FIFO $ 1,296 O $ 1,849 V b. Moving weighted average $ 1,894 X $ 1,275 X
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