At the beginning of its operations in March 2024, Larkspur Supplies Ltd. began with 6,120 units of inventory that it purchased at a cost of $7.50 each. The company's purchases during March were as follows: March 13 Sales during March: 4,080 units @ $8.25 March 2 4,080 units March 20 2,280 units
At the beginning of its operations in March 2024, Larkspur Supplies Ltd. began with 6,120 units of inventory that it purchased at a cost of $7.50 each. The company's purchases during March were as follows: March 13 Sales during March: 4,080 units @ $8.25 March 2 4,080 units March 20 2,280 units
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 3RE: Reid Company uses the periodic inventory system. On January 1, it had an inventory balance of...
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Gadubhai
![At the beginning of its operations in March 2024, Larkspur Supplies Ltd. began with 6,120 units of inventory that it purchased at a cost
of $7.50 each. The company's purchases during March were as follows:
March 13
Sales during March:
4,080 units @ $8.25
March 2
4,080 units
March 20
2,280 units
Larkspur Supplies uses a perpetual inventory system.
(a)
Calculate the cost of goods sold for March using the weighted-average cost formula. (Round calculations for cost per unit to 4
decimal places, e.g. 10.5219 and final answer to O decimal places, e.g. 61,052.)
Cost of goods sold
eTextbook and Media](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F81d1b8f2-e8ad-48d1-8617-e5d891024289%2Fe0b218af-a818-4cdb-b4a1-79c72b448971%2Fml3sr4v_processed.jpeg&w=3840&q=75)
Transcribed Image Text:At the beginning of its operations in March 2024, Larkspur Supplies Ltd. began with 6,120 units of inventory that it purchased at a cost
of $7.50 each. The company's purchases during March were as follows:
March 13
Sales during March:
4,080 units @ $8.25
March 2
4,080 units
March 20
2,280 units
Larkspur Supplies uses a perpetual inventory system.
(a)
Calculate the cost of goods sold for March using the weighted-average cost formula. (Round calculations for cost per unit to 4
decimal places, e.g. 10.5219 and final answer to O decimal places, e.g. 61,052.)
Cost of goods sold
eTextbook and Media
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