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a) Fill in the missing numbers in the inventory schedule using the weighted - average cost inventory valuation method. This company uses the perpetual inventory system.Do not enter dollar signs or commas in the input boxes. Round all answers to 2 decimal places. All unit cost calculations should be rounded to 2 decimal places as well.Inventory Schedule Purchases Sales Balance Transaction Description QuantityAmountQuantityAmountQuantity AmountOpening Balance $0May 5Purchase from AAA Co.600$8,400.00$May 7Sale to SSS Co.$ 300$4,200.00May 13Sale to TTT Co.150 $$May 15Purchase from BBB Co.90$1,800.00$May 24 Sale to UUU Co.20$May 28Purchase from CCC Co.80$1,200.00b) If the FIFO method had been used, what would the value of COGS been for the sale to UUU Co. ?COGS = COGS = $Checkc) If the specific identification method had been used, what would the value of COGS been for the sale to UUU Co. ? Assume all the units were purchased from BBB Co.

a) Fill in the missing numbers in the inventory schedule using the weighted - average cost inventory valuation method. This company uses the perpetual inventory system.Do not enter dollar signs or commas in the input boxes. Round all answers to 2 decimal places. All unit cost calculations should be rounded to 2 decimal places as well.Inventory Schedule Purchases Sales Balance Transaction Description QuantityAmountQuantityAmountQuantity AmountOpening Balance $0May 5Purchase from AAA Co.600$8,400.00$May 7Sale to SSS Co.$ 300$4,200.00May 13Sale to TTT Co.150 $$May 15Purchase from BBB Co.90$1,800.00$May 24 Sale to UUU Co.20$May 28Purchase from CCC Co.80$1,200.00b) If the FIFO method had been used, what would the value of COGS been for the sale to UUU Co. ?COGS = COGS = $Checkc) If the specific identification method had been used, what would the value of COGS been for the sale to UUU Co. ? Assume all the units were purchased from BBB Co.

FINANCIAL ACCOUNTING
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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a) Fill in the missing numbers in the inventory schedule using the weighted - average cost inventory valuation method. This company uses the perpetual inventory system.Do not enter dollar signs or commas in the input boxes. Round all answers to 2 decimal places. All unit cost calculations should be rounded to 2 decimal places as well.Inventory Schedule Purchases Sales Balance Transaction Description QuantityAmountQuantityAmountQuantity AmountOpening Balance $0May 5Purchase from AAA Co.600$8,400.00$May 7Sale to SSS Co.$ 300$4,200.00May 13Sale to TTT Co.150 $$May 15Purchase from BBB Co.90$1,800.00$May 24 Sale to UUU Co.20$May 28Purchase from CCC Co.80$1,200.00b) If the FIFO method had been used, what would the value of COGS been for the sale to UUU Co. ?COGS = COGS = $Checkc) If the specific identification method had been used, what would the value of COGS been for the sale to UUU Co. ? Assume all the units were purchased from BBB Co.
Transcribed Image Text:a) Fill in the missing numbers in the inventory schedule using the weighted - average cost inventory valuation method. This company uses the perpetual inventory system.Do not enter dollar signs or commas in the input boxes. Round all answers to 2 decimal places. All unit cost calculations should be rounded to 2 decimal places as well.Inventory Schedule Purchases Sales Balance Transaction Description QuantityAmountQuantityAmountQuantity AmountOpening Balance $0May 5Purchase from AAA Co.600$8,400.00$May 7Sale to SSS Co.$ 300$4,200.00May 13Sale to TTT Co.150 $$May 15Purchase from BBB Co.90$1,800.00$May 24 Sale to UUU Co.20$May 28Purchase from CCC Co.80$1,200.00b) If the FIFO method had been used, what would the value of COGS been for the sale to UUU Co. ?COGS = COGS = $Checkc) If the specific identification method had been used, what would the value of COGS been for the sale to UUU Co. ? Assume all the units were purchased from BBB Co.
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