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a) Given that Weber Inc. employs a perpetual inventory system, calculate the cost of goods available for sale and the number of units available for sale, as well as the units remaining in ending inventory. Cost of goods available for sale: Units available for sale: Units remaining in ending inventory: b) Please fill in the table by calculating the dollar value of cost of goods sold and ending inventory, as well as the gross profit earned by Weber Inc. using the weighted average system. Calculate weighted average cost per unit of merchandise inventory to the nearest cent. Cost of Goods Sold Ending Inventory Gross Profit Weighted Average c) Prepare journal entries to record the following (assuming all sales and purchases are for cash): (a) The purchase on October 3, (b) The sale on November 9. Enter the transaction letter as the description when preparing a journal entry. When a transaction requires two separate journal entries, use the same letter for both descriptions. Dates must be entered in the format dd/mmm (ie. 15/Jan). Page GJ8 General Journal Account/Explanation F Debit Credit Date

a) Given that Weber Inc. employs a perpetual inventory system, calculate the cost of goods available for sale and the number of units available for sale, as well as the units remaining in ending inventory. Cost of goods available for sale: Units available for sale: Units remaining in ending inventory: b) Please fill in the table by calculating the dollar value of cost of goods sold and ending inventory, as well as the gross profit earned by Weber Inc. using the weighted average system. Calculate weighted average cost per unit of merchandise inventory to the nearest cent. Cost of Goods Sold Ending Inventory Gross Profit Weighted Average c) Prepare journal entries to record the following (assuming all sales and purchases are for cash): (a) The purchase on October 3, (b) The sale on November 9. Enter the transaction letter as the description when preparing a journal entry. When a transaction requires two separate journal entries, use the same letter for both descriptions. Dates must be entered in the format dd/mmm (ie. 15/Jan). Page GJ8 General Journal Account/Explanation F Debit Credit Date

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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Inventory and Purchases Beginning: 500 units @ $101/unit February 4: 500 units @ $106/unit October 3: 300 units @ $115/unit The units have a selling price of $150.00 per unit. a) Given that Weber Inc. employs a perpetual inventory system, calculate the cost of goods available for sale and the number of units available for sale, as well as the units remaining in ending inventory. Cost of goods available for sale: Units available for sale: Units remaining in ending inventory: b) Please fill in the table by calculating the dollar value of cost of goods sold and ending inventory, as well as the gross profit earned by Weber Inc. using the weighted average system. Calculate weighted average cost per unit of merchandise inventory to the nearest cent. Cost of Goods Sold Ending Inventory Gross Profit Date c) Prepare journal entries to record the following (assuming all sales and purchases are for cash): (a) The purchase on October 3, (b) The sale on November 9. Enter the transaction letter as the description when preparing a journal entry. When a transaction requires two separate journal entries, use the same letter for both descriptions. Dates must be entered in the format dd/mmm (ie. 15/Jan). General Journal Account/Explanation Page GJ8 +- Sales February 8: 300 units November 9: 200 units + Weighted Average + F Debit Credit
Transcribed Image Text:Inventory and Purchases Beginning: 500 units @ $101/unit February 4: 500 units @ $106/unit October 3: 300 units @ $115/unit The units have a selling price of $150.00 per unit. a) Given that Weber Inc. employs a perpetual inventory system, calculate the cost of goods available for sale and the number of units available for sale, as well as the units remaining in ending inventory. Cost of goods available for sale: Units available for sale: Units remaining in ending inventory: b) Please fill in the table by calculating the dollar value of cost of goods sold and ending inventory, as well as the gross profit earned by Weber Inc. using the weighted average system. Calculate weighted average cost per unit of merchandise inventory to the nearest cent. Cost of Goods Sold Ending Inventory Gross Profit Date c) Prepare journal entries to record the following (assuming all sales and purchases are for cash): (a) The purchase on October 3, (b) The sale on November 9. Enter the transaction letter as the description when preparing a journal entry. When a transaction requires two separate journal entries, use the same letter for both descriptions. Dates must be entered in the format dd/mmm (ie. 15/Jan). General Journal Account/Explanation Page GJ8 +- Sales February 8: 300 units November 9: 200 units + Weighted Average + F Debit Credit
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