**Wildhorse Company Transaction Data for Product: Hawkeye** | Date | Transaction | Quantity | Price/Cost | |-------|----------------------|----------|------------| | 1/1 | Beginning inventory | 2,800 | $17 | | 2/4 | Purchase | 3,800 | $26 | | 2/20 | Sale | 4,300 | $43 | | 4/2 | Purchase | 4,800 | $33 | | 11/4 | Sale | 4,000 | $48 | **Instructions:** (a) Calculate the weighted-average cost per unit. (Round the answer to 4 decimal places, e.g., 2.7613.) **Input:** - **Weighted-average cost per unit:** $ ____ **Feedback:** - Note: The message indicates that the previous answer was incorrect. Ensure calculations are accurate and rounded to four decimal places. **Additional Resources:** - For further help, refer to the eTextbook and Media tools provided.

Wildhorse Company Transaction Data for Product: Hawkeye | Date | Transaction | Quantity | Price/Cost | |-------|----------------------|----------|------------| | 1/1 | Beginning inventory | 2,800 | $17 | | 2/4 | Purchase | 3,800 | $26 | | 2/20 | Sale | 4,300 | $43 | | 4/2 | Purchase | 4,800 | $33 | | 11/4 | Sale | 4,000 | $48 | Instructions: (a) Calculate the weighted-average cost per unit. (Round the answer to 4 decimal places, e.g., 2.7613.) Input: - Weighted-average cost per unit: $ ____ Feedback: - Note: The message indicates that the previous answer was incorrect. Ensure calculations are accurate and rounded to four decimal places. Additional Resources: - For further help, refer to the eTextbook and Media tools provided.

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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Cherokee Incorporated is a merchandiser that provided the following information: Amount Number of units sold 11,000 Selling price per unit $ 17 Variable selling expense per unit $ 2 Variable administrative expense per unit $ 2 Total fixed selling expense $ 18,000 Total fixed administrative expense $ 14,000 Beginning merchandise inventory $ 12,000 Ending merchandise inventory $ 23,000 Merchandise purchases $ 86,000 Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement.
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Bonita Company is a multiproduct firm. Presented below is information concerning one of its products, the Hawkeye. Date Transaction Quantity Price/Cost 1/1 Beginning inventory 1,900 $15 2/4 Purchase 2,900 23 2/20 Sale 3,400 38 4/2 Purchase 3,900 29 11/4 Sale 3,100 42 Calculate average-cost per unit. (Round answer to 4 decimal places, e.g. 2.7613.) Average-cost per unit $ Compute cost of goods sold, assuming Bonita uses: (Round average cost per unit to 4 decimal places, e.g. 2.7631 and final answers to 0 decimal places, e.g. 6,548.) Cost of goods sold (a) Periodic system, FIFO cost flow $ (b) Perpetual system, FIFO cost flow $ (c) Periodic system, LIFO cost flow $ (d) Perpetual system, LIFO cost flow $ (e) Periodic system, weighted-average cost flow $ (f) Perpetual system, moving-average cost flow $
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('$) ('$) Unit Total Balance Date Explanation Units Cost Cost in Units Jun-01 Beginning inventory 50 1.0 50 50 Jun-06 Purchase 50 1.2 60 100 Jun-10 Sales 60 40 Jun-13 Purchase 150 1.4 210 190 Jun-20 Purchase 100 1.6 160 290 Jun-25 Purchase 150 1.8 270 440 Jun-30 Sales 150 290 Round your answer to the nearest dollar. (eg $54.4 ....input as 54 , $54.5 input as 55 ) (do not input comma "," , dollar sign "$" for numerical figures) FIFO Periodic System COGS $ Ending Inventory $ Average Cost Periodic System COGS $ Ending Inventory $ FIFO Perpetual System COGS $ Ending Inventory $ Average Cost Perpetual System COGS $ Ending Inventory $ ('$) ('$) Unit Total BalanceDate Explanation Units Cost Cost in UnitsJun-01 Beginning inventory 50 1.0 50 50Jun-06 Purchase 50 1.2 60 100Jun-10 Sales 60 40Jun-13 Purchase 150 1.4 210 190Jun-20 Purchase 100 1.6 160…
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