A company's Inventory records show the following data for the month of July. Date July 1 Activities July 5 Beginning inventory Purchase July 10 July 20 July 25 Sale Purchase Sale Units Acquired at Cost 100 units @ $63 = $6,300 50 units @ $66 = $3,300 Units Sold at Retail 75 units @ $50 225 units @ $68 $15,300 200 units @ $50 If the company uses the weighted average method and the perpetual Inventory system, what would be the cost of its ending Inventory? Date Goods purchased Number of Cost per units Cost of Goods Sold Inventory Balance unit Number of units sold Cost per unit Cost of Goods Sold Number of units Cost per unit Inventory Balance July 1 100 at $ 63.00 = S 6,300.00 July 5 50 at $ 54.00 Average cost July 5 100 at $ 150 at $ 250 at $ 63.00 = S 6,300.00 54.00= 52.00 8,100.00 $ 14,400.00 July 10 75 at $ 52.00] = $ 3,900.00 75 at $ 52.00 = S 3,900.00 225 at $68.00 75 at $ 52.00= S 3,900.00 July 20 225 at $ 68.00 = 15,300.00 Average cost July 20 300 at $ 68.00 $ 19,200.00 July 25 200 at Total July 25

A company's Inventory records show the following data for the month of July. Date July 1 Activities July 5 Beginning inventory Purchase July 10 July 20 July 25 Sale Purchase Sale Units Acquired at Cost 100 units @ $63 = $6,300 50 units @ $66 = $3,300 Units Sold at Retail 75 units @ $50 225 units @ $68 $15,300 200 units @ $50 If the company uses the weighted average method and the perpetual Inventory system, what would be the cost of its ending Inventory? Date Goods purchased Number of Cost per units Cost of Goods Sold Inventory Balance unit Number of units sold Cost per unit Cost of Goods Sold Number of units Cost per unit Inventory Balance July 1 100 at $ 63.00 = S 6,300.00 July 5 50 at $ 54.00 Average cost July 5 100 at $ 150 at $ 250 at $ 63.00 = S 6,300.00 54.00= 52.00 8,100.00 $ 14,400.00 July 10 75 at $ 52.00] = $ 3,900.00 75 at $ 52.00 = S 3,900.00 225 at $68.00 75 at $ 52.00= S 3,900.00 July 20 225 at $ 68.00 = 15,300.00 Average cost July 20 300 at $ 68.00 $ 19,200.00 July 25 200 at Total July 25

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 10EA: Calculate the cost of goods sold dollar value for A67 Company for the month, considering the...

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