Costco uses the weighted average inventory cost flow assumption for tracking its inventory. One of its products, bags of frozen berries, is exclusively sold to Smoothie stores across Vancouver. The following transactions took place in March 2023: Date March 1 March 7 March 10 March 14 Transaction Opening inventory Sale #1 Purchase #1 Sale #2 Units 550 300 200 125 Unit Selling Price/Unit Cost $4.50 $8 $3.75 $8.50 Note: See Excel for the table. You may complete the question on word or excel. What is the ending inventory balance in units, and the ending inventory cost (per unit and total) at the end of the month?

Costco uses the weighted average inventory cost flow assumption for tracking its inventory. One of its products, bags of frozen berries, is exclusively sold to Smoothie stores across Vancouver. The following transactions took place in March 2023: Date March 1 March 7 March 10 March 14 Transaction Opening inventory Sale #1 Purchase #1 Sale #2 Units 550 300 200 125 Unit Selling Price/Unit Cost $4.50 $8 $3.75 $8.50 Note: See Excel for the table. You may complete the question on word or excel. What is the ending inventory balance in units, and the ending inventory cost (per unit and total) at the end of the month?

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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The following information applies to the questions displayed below.]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 120 units @ $51.40 per unit March 5 Purchase 235 units @ $56.40 per unit March 9 Sales 280 units @ $86.40 per unit March 18 Purchase 95 units @ $61.40 per unit March 25 Purchase 170 units @ $63.40 per unit March 29 Sales 150 units @ $96.40 per unit Totals 620 units 430 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 75 units from beginning inventory, 205 units from the March 5 purchase, 55 units from the March 18 purchase, and 95 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest…
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