Beginning inventory Sales, Jan. 1-Jan. 10 Purchase, Jan. 11 Sales, Jan. 12-Jan. 20 Purchase, Jan. 21 Sales, Jan. 22-31 70 units @ $300 per unit 50 units 40 units @ $309 per unit 50 units 50 units @ $315 per unit 40 units Assuming the Weighted-Average method is used, what is the total cost of Donovan's ending inventory on January 31? Select one: A. $6,270 0 B. $6,000 C. $6,300 D. $6,200

Beginning inventory Sales, Jan. 1-Jan. 10 Purchase, Jan. 11 Sales, Jan. 12-Jan. 20 Purchase, Jan. 21 Sales, Jan. 22-31 70 units @ $300 per unit 50 units 40 units @ $309 per unit 50 units 50 units @ $315 per unit 40 units Assuming the Weighted-Average method is used, what is the total cost of Donovan's ending inventory on January 31? Select one: A. $6,270 0 B. $6,000 C. $6,300 D. $6,200

Name: Donovan Company, which uses the perpetual inventory system, had the f
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Description: Donovan Company, which uses the perpetual inventory system, had the following inventory records for the month of January.Beginning inventorySales, Jan. 1-Jan. 10Purchase, Jan. 11Sales, Jan. 12-Jan. 20Purchase, Jan. 21Sales, Jan. 22-3170 units @ $300

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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Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for WCS12 are as follows: Oct. 1 Inventory 330 units at $15 13 Sale 170 units 22 Purchase 340 units at $16 29 Sale 400 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 1 per 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. Please provide solution in an image based thanku
Beginning inventory, purchases, and sales for WCS12 are as follows: Oct. Inventory 300 units at $8 Sale 13 175 units Purchase 375 units at $10 22 280 units Sale 29 Assuming a perpetual inventory system and using the weighted average method, deter- mine (a) the weighted average unit cost after the October 22 purchase, (b) the cost of the merchandise sold on October 29, and (c) the inventory on October 31.
Alternative Inventory Methods Garrett Company has the following transactions during the months of April and May: Date Transaction Units Cost/Unit April 1 Balance 300 17 Purchase 200 $5.40 25 Sale 150 28 Purchase 100 5.80 May 5 Purchase 250 5.40 18 Sale 300 22 Sale 50 The cost of the inventory on April 1 is $5, $4, and $2 per unit, respectively, under the FIFO, average, and LIFO cost flow assumptions. Required: 1. Compute the inventories at the end of each month and the cost of goods sold for each month for the following alternatives: FIFO periodic Cost of Goods Sold Ending Inventory April $ $ May $ $ FIFO perpetual Cost of Goods Sold Ending Inventory April $ $ May $ $ LIFO periodic Cost of Goods Sold Ending Inventory April $ $ May $ $ LIFO perpetual (Round your intermediate calculations to the nearest cent.) Cost of Goods Sold Ending Inventory April…
4. EX.07.09 Weighted Average Cost Flow Method Under Perpetual Inventory System The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 4,000 units at $20 Apr. 19 Sale 2,500 units June 30 Purchase 6,000 units at $24 Sept. 2 Sale 4,500 units Nov. 15 Purchase 1,000 units at $25 The firm uses the weighted average cost method with a perpetual inventory system. Determine the cost of merchandise sold for each sale and the inventory balance after each sale. Present the data in the form illustrated in Exhibit 5. Round unit cost to two decimal places, if necessary. Schedule of Cost of Merchandise Sold Weighted Average Cost Flow Method Purchases Cost of Merchandise Sold Inventory Date Quantity Unit CostTotal CostQuantityUnit CostTotal CostQuantity Unit CostTotal Cost Jan. 1 2$ $ Apr. 19 $ $ June 30 $ $ Sept. 2 Nov. 15 Dec. 31 Balances 2$ $ $
using perpetual inventory
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Weighted average cost flow method under perptual inventory system. The following units of a particular item were availabe for sale during the calendar year. Jan. 1 Inventory 4,000 units at $20 April 19 Sale 2,500 units June 30 Purchase 6,000 units at $24 Sept. 2 Sale 4,500 units Nov. 15 Purchase 1,000 units at $25 Instructions: The firm uses the weighted averaghe cost method with a perpetual inventory system. Determine the cost of merchandise sold for each sale and the inventory balance after each sale. (chapter 7 question EX 7-9 page 380- immediate accounting I textbook)
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Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory 24 units @ $10 5 Sale 17 units 17 Purchase 10 units @ $15 30 Sale 8 units Assuming a perpetual inventory system and the last-in, first-out method: a. Determine the cost of the goods sold for the September 30 sale.$fill in the blank 1
Weighted average cost flow method under perpetual inventory system The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 9,000 units at $50.00 Mar. 18 Sale 7,000 units May 2 Purchase 8,000 units at $56.50 Aug. 9 Sale 8,000 units Oct. 20 Purchase 4,000 units at $60.00 The firm uses the weighted average cost method with a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale. Present the data in the form illustrated in Exhibit 5. Round your "Unit Cost" answers to two decimal places. Date Jan. 1 Mar. 18 May 2 Aug. 9 Oct. 20 Dec. 31 Purchases Quantity 00 Balances Purchases Unit Cost Purchases Total Cost 00 Weighted Average Cost Flow Method Cost of Goods Sold Cost of Goods Sold Unit Cost Quantity 10