Beginning inventory, purchases, and sales for Meta-B1 are as follows:100 units at $400July 1InventorySale70 units12Purchase120 units at $45023110 unitsSale26Assuming a perpetual inventory system and using the weighted average method, deter-mine (a) the weighted average unit cost after the July 23 purchase, (b) the cost of themerchandise sold on July 26, and (c) the inventory on July 31.

Under the weighted average costing method in the perpetual inventory system, an average unit cost is…

Answered: Beginning inventory, purchases, and…

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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Determine the ending inventory using the periodic inventory system and the weighted average cost method (rounded to the nearest cent), assuming that 18 units were sold at a price of $14. Date Item Units Cost Total June 1 Beginning inventory 6 $5 $30 June 12 Purchase 10 6 60 June 18 Purchase 8 7 56 Totals 24 — $146
The following data regarding purchases and sales of a commodity were taken from the related inventory account (perpetual inventory system is used): May 1 Balance 25 units at $41 6 Sale 20 units 8 Purchase 20 units at $42 16 Sale 10 units 20 Purchase 20 units at $43 23 Sale 25 units 30 Purchase 15 units at $45 (a) Determine the total cost of the inventory balance at May 31, using the first-in, first-out method. Also, identify the quantity, unit price, and total cost of each lot/layer in the ending inventory. (b) Determine the total cost of the inventory balance at May 31, using the last-in, first-out method. Also, identify the quantity, unit price, and total cost of each lot/layer in the ending inventory. (a) FIFO (b) LIFO
Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for WCS12 are as follows: Oct. 1 Inventory 310 units at $12 13 Sale 160 units 22 Purchase 350 units at $15 29 Sale 200 units a. Assuming a perpetual inventory system and using the weighted average method, determine the weighted average unit cost after the October 22 purchase. Round your answer to two decimal places.$fill in the blank 1per unit b. Assuming a perpetual inventory system and using the weighted average method, determine the cost of goods sold on October 29. Round your "average unit cost" to two decimal places.$fill in the blank 2 c. Assuming a perpetual inventory system and using the weighted average method, determine the inventory on October 31. Round your "average unit cost" to two decimal places.$fill in the blank 3
Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory 24 units @ $15 5 Sale 15 units 17 Purchase 25 units @ $18 30 Sale 16 units Assuming a perpetual inventory system and the last-in, first-out method: a. Determine the cost of the goods sold for the September 30 sale. b. Determine the inventory on September 30.
Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for WCS12 are as follows: Oct. 1 Inventory 350 units at $14 13 Sale 160 units 22 Purchase 310 units at $15 29 Sale 200 units a. Assuming a perpetual inventory system and using the weighted average method, determine the weighted average unit cost after the October 22 purchase. Round your answer to two decimal places.$fill in the blank 1per unit b. Assuming a perpetual inventory system and using the weighted average method, determine the cost of goods sold on October 29. Round your "average unit cost" to two decimal places.$fill in the blank 2 c. Assuming a perpetual inventory system and using the weighted average method, determine the inventory on October 31. Round your "average unit cost" to two decimal places.
Compute the amount of goods available for sale, ending inventory and cost of good sold at January 31 under each of the following inventory cost methods A. Weighted cost average B. First in first out C. Last in first out D. Specific identification, assuming that the January 10 sale was from the beginning inventory, and the January 17 sale was from the January 12 purchase Thank you in advance !
The inventory records for Radford Company reflected the following Beginning inventory on May 1 First purchase on May 7 Second purchase on May 17 Third purchase on May 23 1,200 units @ $4.00 1,300 units @ $4.20 1,500 units @ $4.30 1,100 units@ $4.40 Sale on May 31 3,900 units @ $5.90 What is the amount of gross margin assuming the weighted average cost flow method is used? (Round your intermediate calculations to 2 dec Multiple Choice $10.920 $17160 $6,513 O $5.850
Jammer Company uses a weighted average perpetual inventory system and reports the following: Units Sold at Retail Activities Purchase Purchase Sales Units Acquired at Cost 10 units @ $12 $120 15 units @ $15= $225 Purchase Date August 2 August 18 August 29 August 31 14 units @ $16= $224 What is the per unit value of ending inventory on August 31? Answers should be rounded to the nearest cent. Multiple Choice O O $12.00 $13.80 $15.42 $16.00 $17.74 20 units sold 4
3. Calculate the cost of goods sold dollar value for A74 Company for the sale on March 11, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG). Number of Units Unit Cost Beginning inventory Mar. 1 Purchased Mar. 8 Sold Mar. 11 for $120 per unit 110 $87 140 89 95

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