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 tonearest dollar.)X Answer is complete but not entirely correct.MovingWeightedAverageFIFOSales$4,617 O $4,617 OCost of goods sold1,849 O $1,894 XGross profit$2,768 O $2,723 X Problem 6-6A Alternative cost flows-perpetual LO2, 3Case Defence sells smartphone cases and uses the perpetual inventory system. The following is information on the purchases andsales of "Defender Box" cases. On October 1, Case Defence had 27 units with a unit cost of $21.PurchasesSalesDateUnitsUnit CostUnitsUnit PriceOct.1722Oct.22$ 57Oct. 122724Oct. 1927$ 57Oct.233726Oct. 3032$ 57Oct. 312227Required:1. Calculate the dollar value of cost of goods sold and ending inventory for the month of October using the following methods. (Do notround intermediate calculations. Round weighted average all unit costs to two decimal places and round all other numbers to thenearest dollar.)Answer is complete but not entirely correct.EndingInventoryCost of GoodsSolda.FIFO$1,296 O $1,849 Vb.Moving weighted average$1,894 X $1,275 X

Inventory valuation is based on the flow of assumptions used by the business entity. It can be…

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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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