Calculate the June 30 inventory and the June cost of goods sold, using the weighted average cost formula. (

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Culver Limited uses a periodic inventory system. On June 24, the company sold 810 units. The following additional information is available: (a) Calculate the June 30 inventory and the June cost of goods sold, using the weighted average cost formula. (Round weighted average cost per unit to 2 decimal places, e.g. 5.27 and final answers to 0 decimal places, e.g. 5,275.) Ending inventory $ Cost of goods sold $Culver Ltd. had beginning inventory of 52 units that cost $102 each. During September, the company purchased 208 units on account at $102 each, returned 7 units for credit, and sold on account 152 units at $202 each. Prepare journal entries for the September transactions, assuming that Culver uses a perpetual inventory system.    

 

Culver Limited uses a periodic inventory system. On June 24, the company sold 810 units. The following additional information is
available:
Unit
Total
Units
Cost
Cost
June 1 inventory
270
$11
$2,970
June 15 purchase
540
14
7,560
June 23 purchase
540
17
9,180
1,350
$19,710
(a)
Calculate the June 30 inventory and the June cost of goods sold, using the weighted average cost formula. (Round weighted average
cost per unit to 2 decimal places, e.g. 5.27 and final answers to O decimal places, e.g. 5,275.)
Ending inventory
$
Cost of goods sold
$
Transcribed Image Text:Culver Limited uses a periodic inventory system. On June 24, the company sold 810 units. The following additional information is available: Unit Total Units Cost Cost June 1 inventory 270 $11 $2,970 June 15 purchase 540 14 7,560 June 23 purchase 540 17 9,180 1,350 $19,710 (a) Calculate the June 30 inventory and the June cost of goods sold, using the weighted average cost formula. (Round weighted average cost per unit to 2 decimal places, e.g. 5.27 and final answers to O decimal places, e.g. 5,275.) Ending inventory $ Cost of goods sold $
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