A company reports the following merchandise purchases and sales for the month of May.Units Acquired at Cost360 units @ $15 = $5,400280 units @ $18 = $5,040DateMay 1May 5May 10May 20May 25ActivitiesMay 1May 5May 20PurchasePurchaseSalesPurchaseSalesWeighted average - PeriodicTotalCost of Goods Available for SaleThere was no beginning inventory. If the company uses the weighted average periodic method, what would be the cost of encinventory?Note: Round average cost per unit to two decimal places.Average Cost of Goods# of units Cost per Available forunitSale360$15280 $ 18360$ 221,000SA360 units @ $22 $7,9205,4005,0407,92018,360=Cost of Goods SoldAverageCost perUnit# of unitssoldCost ofGoods Sold$Units sold at RetailO396 units @ $50404 units @ $50Ending Inventory# of units Averagein ending Costinventory per unitEndingInventorySA0

It is an inventory valuation method. Under the weighted average method, the inventory is based on…

A company reports the following merchandise purchases and sales for the month of May. Units Acquired at Cost 360 units @ $15 = $5,400 280 units @ $18= $5,040 360 units @ $22 = $7,920 Date May 1 May 5 May 10 May 20 May 25 May 1 May 5 May 20 Activities Purchase Purchase Sales Purchase Sales Weighted average - Periodic Total There was no beginning inventory. If the company uses the weighted average periodic method, what would be the cost of en inventory? Note: Round average cost per unit to two decimal places. Cost of Goods Available for Sale Average Cost of Goods # of units Cost per Available for unit Sale 360 $ 15 280 $ 18 360 $ 22 1,000 $ 5,400 5,040 7,920 18,360 Cost of Goods Sold Average Cost per Unit # of units sold Cost of Goods Sold $ Units sold at Retail 0 396 units @ $50 404 units @ $50 Ending Inventory # of units Average in ending Cost inventory per unit Ending Inventory $ 0

A company reports the following merchandise purchases and sales for the month of May. Units Acquired at Cost 360 units @ $15 = $5,400 280 units @ $18= $5,040 360 units @ $22 = $7,920 Date May 1 May 5 May 10 May 20 May 25 May 1 May 5 May 20 Activities Purchase Purchase Sales Purchase Sales Weighted average - Periodic Total There was no beginning inventory. If the company uses the weighted average periodic method, what would be the cost of en inventory? Note: Round average cost per unit to two decimal places. Cost of Goods Available for Sale Average Cost of Goods # of units Cost per Available for unit Sale 360 $ 15 280 $ 18 360 $ 22 1,000 $ 5,400 5,040 7,920 18,360 Cost of Goods Sold Average Cost per Unit # of units sold Cost of Goods Sold $ Units sold at Retail 0 396 units @ $50 404 units @ $50 Ending Inventory # of units Average in ending Cost inventory per unit Ending Inventory $ 0

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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Montoure Company uses a periodic inventory system. It entered into the following calendar-year purchases and sales transactions. Units Sold at Retail Units Acquired at Cost @$45 per unit $42 per unit @ $27 per unit Date January 1 February 10 March 13 March 15 August 21 Septeber 5 September 10 Activities Beginning inventory Purchase Purchase Sales Purchase Purchase Sales Totals Cost of goods available for sale Number of units available for sale Ending inventory Required: 1. Compute cost of goods available for sale and the number of units available for sale. (a) FIFO (b) LIFO (c) Weighted average (d) Specific identification 2. Compute the number of units in ending inventory. $ Sales Less: Cost of goods sold Gross profit 1,400 units Ending Inventory $ $ S O Weighted Average O Specific Identification O LIFO O FIFO 600 units 400 units 200 units 100 units 500 units 9,800 7,600 1,800 units 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d)…
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