Beech Soda, Inc. uses a perpetual inventory system. The company's beginning inventory of a particular product and its purchases during the month of January were as follows:QuantityUnit Cost ($)1610141215Beginning inventory (1 Jan)Purchases (11 Jan.)Purchase (20 Jan.Total2353O A. $405.5O B. $399.7O C. $400O D. $410Total Cost ($)160168345673On 14 January, Beech Soda, Inc. sold 25 units of this product. The other 28 units remained in inventory at 31 January.Assuming that Beech Soda uses the weighted average cost flow assumption, the 28 units of this product in inventory at 31 January have a total cost of:

Name: Beech Soda, Inc. uses a perpetual inventory system. The company's beg
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Description: Beech Soda, Inc. uses a perpetual inventory system. The company's beginning inventory of a particular product and its purchases during the month of January were as follows:QuantityUnit Cost ($)1610141215Beginning inventory (1 Jan)Purchases (11 Jan.)

WEIGHTED AVERAGE COST OF INVENTORY The Weighted Average Cost of inventory method of inventory…

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Beech Soda, Inc. uses a perpetual inventory system. The company's beginning inventory of a particular product and its purchases during the month of January were as follows: Unit Cost ($) Total Cost ($) Quantity 16 10 160 14 12 168 15 Beginning inventory (1 Jan) Purchases (11 Jan.) Purchase (20 Jan.) Total 23 53 O A. $405.5 O B. $399.7 O C. $400 O D. $410 345 673 On 14 January, Beech Soda, Inc. sold 25 units of this product. The other 28 units remained in inventory at 31 January. Assuming that Beech Soda uses the weighted average cost flow assumption, the 28 units of this product in inventory at 31 January have a total cost of:

Beech Soda, Inc. uses a perpetual inventory system. The company's beginning inventory of a particular product and its purchases during the month of January were as follows: Unit Cost ($) Total Cost ($) Quantity 16 10 160 14 12 168 15 Beginning inventory (1 Jan) Purchases (11 Jan.) Purchase (20 Jan.) Total 23 53 O A. $405.5 O B. $399.7 O C. $400 O D. $410 345 673 On 14 January, Beech Soda, Inc. sold 25 units of this product. The other 28 units remained in inventory at 31 January. Assuming that Beech Soda uses the weighted average cost flow assumption, the 28 units of this product in inventory at 31 January have a total cost of:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Problem 1Q

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[The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 355 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Units Acquired at Cost @ $ 14.00 = @ $ 13.00 = 215 units 160 units 355 units 730 units $ 11.00 = $ 3,010 2,080 3,905 $ 8,995 Units sold at Retail 165 units 190 units 355 units @ @ $23.00 $23.00 The Company uses a periodic inventory system. For specific identification, ending inventory consists of 355 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Determine the cost assigned to ending inventory and to cost of goods sold…
[The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 355 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Units Acquired at Cost @ $ 14.00 = 215 units 160 units 355 units 730 units @ @ $ 13.00 = $ 11.00 = $ 3,010 2,080 3,905 $ 8,995 Units sold at Retail 165 units 190 units 355 units @ @ $23.00 $ 23.00 Required: 1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. 2. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. 3. Determine the cost assigned to ending inventory and…
Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date Activities Units Acquired at Cost Units Sold at Retail March 1 Beginning inventory 230 units @ $53.60 per unit March 5 Purchase 290 units @ $58.60 per unit March 9 Sales 390 units @ $88.60 per unit March 18 Purchase 150 units @ $63.60 per unit March 25 Purchase 280 units @ $65.60 per unit March 29 Sales 260 units @ $98.60 per unit Totals 950 units 650 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 130 units from beginning inventory, 260 units from the March 5 purchase, 110 units from the March 18 purchase, and 150 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.)
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