97) A company had the following purchases and sales during its first month of operations: Date January 1 January 9 January 17 January 27 Activities Purchase Sales Purchase Sales Units Acquired at Cost 10 units @ $4.00 = $40.00 8 units @ $5.50 = = $44.00 Units Sold at Retail 6 units @ $12.00 7 units @ $12.00 Using the Periodic weighted average method, what is the value of cost of goods sold? (Round weighted average cost per unit to 2 decimal places.)

97) A company had the following purchases and sales during its first month of operations: Date January 1 January 9 January 17 January 27 Activities Purchase Sales Purchase Sales Units Acquired at Cost 10 units @ $4.00 = $40.00 8 units @ $5.50 = = $44.00 Units Sold at Retail 6 units @ $12.00 7 units @ $12.00 Using the Periodic weighted average method, what is the value of cost of goods sold? (Round weighted average cost per unit to 2 decimal places.)

Name: 97)A company had the following purchases and sales during its first m
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Description: 97)A company had the following purchases and sales during its first month of operations:DateJanuary 1January 9January 17January 27A) $84.00.B) $60.71.ActivitiesC) $23.35.D) $46.70.E) $37.36.PurchaseSalesPurchaseSalesUnits Acquired at Cost10 units @

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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The following information pertains to Julia & Company: March 1 Beginning inventory = 26 units @ $5.40 March 3 Purchased 17 units @ 4.20 March 9 Sold 26 units @ 8.30 What is the cost of goods sold for Julia & Company assuming it uses LIFO?
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[The following information applies to the questions displayed below.] Hemming Co. reported the following current-year purchases and sales for its only product. Date Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 195 units @ $13.80 = $ 2,691 Jan. 10 Sales 185 units @ $43.80 Mar. 14 Purchase 345 units @ $18.80 = 6,486 Mar. 15 Sales 235 units @ $43.80 July 30 Purchase 495 units @ $23.80 = 11,781 Oct. 5 Sales 205 units @ $43.80 Oct. 26 Purchase 695 units @ $28.80 = 20,016 Totals 1,730 units $ 40,974 625 units Required: Hemming uses a perpetual inventory system. Compute the gross margin for FIFO method. Sales revenue Less: cost of goods sold Gross Margin…