5. Calculate January's ending inventory and cost of goods sold for the month using Average cost, perpetual system. A company began January with 9,000 units of its principal product. The cost of each unit is $5. Inventory transactions forthe month of January are as follows:Date of PurchaseJanuary 10January 18Totals* Includes purchase price and cost of freight.Date of SaleJanuary 5January 12January 20TotalSalesPerpetual Average-Beginning InventorySale - January 5Subtotal Average CostPurchase January 10Subtotal Average CostSale January 1210,000 units were on hand at the end of the month.Subtotal Average CostPurchase - January 18Subtotal Average CostSale - January 20TotalUnits5. Calculate January's ending inventory and cost of goods sold for the month using Average cost, perpetual system.Note: Round average cost per unit to 4 decimal places. Enter sales with a negative sign.6,0009,00015,0005,0003,0006,00014,000Units9,0009,000Inventory on handNumber Cost per Inventoryof units unitValue9,000PurchasesUnit Cost*$679,0009,0009,0005.0000 $5.0000$45,000045,000045,000Total Cost$ 36,00063,000$ 99,000045,000045,000045,000Numberof unitssoldCost of Goods SoldAverageCost perunit0Cost ofGoods Sold$0

Average cost is the method for valuing the inventory under which cost of goods sold amd ending…

A company began January with 9,000 units of its principal product. The cost of each unit is $5. Inventory transactions for the month of January are as follows: Date of Purchase January 10 January 18 Totals Date of Sale January 5 January 12 January 20 Total * Includes purchase price and cost of freight. Sales erpetual Average eginning Inventory ale - January 5 6,000 9,000 15,000 ubtotal Average Cost urchase - January 10 ubtotal Average Cost ale - January 12 ubtotal Average Cost urchase - January 18 ubtotal Average Cost ale - January 20 otal Units 10,000 units were on hand at the end of the month. 5,000 3,000 6,000 14,000 Units Calculate January's ending inventory and cost of goods sold for the month using Average cost, perpetual system. ote: Round average cost per unit to 4 decimal places. Enter sales with a negative sign. 9,000 Inventory on hand Number Cost per Inventory of units unit Value 9,000 9,000 Purchases Unit Cost* $6 7 9,000 9,000 9,000 5.0000 $ 5.0000 45,000 0 45,000 0 Total Cost $ 36,000 63,000 $ 99,000 45,000 0 45,000 0 45,000 0 S 45,000 Number of units sold Cost of Goods Sold Average Cost per unit 0 Cost of Goods Sold $

A company began January with 9,000 units of its principal product. The cost of each unit is $5. Inventory transactions for the month of January are as follows: Date of Purchase January 10 January 18 Totals Date of Sale January 5 January 12 January 20 Total * Includes purchase price and cost of freight. Sales erpetual Average eginning Inventory ale - January 5 6,000 9,000 15,000 ubtotal Average Cost urchase - January 10 ubtotal Average Cost ale - January 12 ubtotal Average Cost urchase - January 18 ubtotal Average Cost ale - January 20 otal Units 10,000 units were on hand at the end of the month. 5,000 3,000 6,000 14,000 Units Calculate January's ending inventory and cost of goods sold for the month using Average cost, perpetual system. ote: Round average cost per unit to 4 decimal places. Enter sales with a negative sign. 9,000 Inventory on hand Number Cost per Inventory of units unit Value 9,000 9,000 Purchases Unit Cost* $6 7 9,000 9,000 9,000 5.0000 $ 5.0000 45,000 0 45,000 0 Total Cost $ 36,000 63,000 $ 99,000 45,000 0 45,000 0 45,000 0 S 45,000 Number of units sold Cost of Goods Sold Average Cost per unit 0 Cost of Goods Sold $

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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