DateJanuary 1May 5November 3Weighted AverageTransactionBeginning inventoryPurchasePurchaseCostBeginning InventoryPurchases:May 5November 3TotalCalculate ending inventory and cost of goods sold for the year, assuming the company uses weighted-average cost. (Round youraverage cost per unit to 4 decimal places.)Numberof unitsNumber ofUnits60Cost of Goods Available for Sale60Average Costper unit220140420Cost of GoodsAvailable forSale$220140420 $33,700.0000 $UnitCost$764,560798417,38011,76033,700TotalCost$4,56017,38011,760$33,700Cost of Goods Sold - Weighted Average CostNumberof unitssoldAverage Costper UnitCost of GoodsSold375 $30,280.0000 $11,355,000.00Ending Inventory - Weighted Average CostNumber ofunits inendinginventoryAverage Costper unit45 $EndingInventory3,420.0000 $ 153,900.00

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Description: DateJanuary 1May 5November 3Weighted AverageTransactionBeginning inventoryPurchasePurchaseCostBeginning InventoryPurchases:May 5November 3TotalCalculate ending inventory and cost of goods sold for the year, assuming the company uses weighted-average

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Date January 1 May 5 November 3 Transaction Beginning inventory Purchase Purchase Weighted Average Cost Beginning Inventory Calculate ending inventory and cost of goods sold for the year, assuming the company uses weighted-average cost. (Round your average cost per unit to 4 decimal places.) Cost of Goods Available for Sale Number of units Number of Units 60 220 140 420 60 Average Cost per unit Cost of Goods Available for Sale Unit Cost $76 79 84 $ Total Cost $4,560 17,380 11,760 $33,700 4,560 Cost of Goods Sold - Weighted Average Cost Number of units sold Average Cost per Unit Cost of Goods Sold Ending Inventory - Weighted A Number of units in ending inventory Average Cost per unit

Date January 1 May 5 November 3 Transaction Beginning inventory Purchase Purchase Weighted Average Cost Beginning Inventory Calculate ending inventory and cost of goods sold for the year, assuming the company uses weighted-average cost. (Round your average cost per unit to 4 decimal places.) Cost of Goods Available for Sale Number of units Number of Units 60 220 140 420 60 Average Cost per unit Cost of Goods Available for Sale Unit Cost $76 79 84 $ Total Cost $4,560 17,380 11,760 $33,700 4,560 Cost of Goods Sold - Weighted Average Cost Number of units sold Average Cost per Unit Cost of Goods Sold Ending Inventory - Weighted A Number of units in ending inventory Average Cost per unit

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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Given the following: Numberpurchased Costper unit Total January 1 inventory 30 $ 5 $ 150 April 1 50 8 400 June 1 40 9 360 November 1 45 10 450 165 $ 1,360 a. Calculate the cost of ending inventory using the LIFO (ending inventory shows 51 units). b. Calculate the cost of goods sold using the LIFO (ending inventory shows 51 units).
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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$ $ $
Weighted average cost flow method under perpetual inventory systemThe following units of a particular item were available for sale duringthe calendar year: January 1 Inventory 30,000 units at $30.00 March 18 Sale 24,000 units May 2 Purchase 54,000 units at $31.00 August 9 Sale 45,000 units October 20 Purchase 21,000 units at $32.10 The firm uses the weighted average cost method with a perpetualinventory system. Determine the cost of merchandise sold for each saleand the inventory balance after each sale.
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Inventory data for Lily Company are reported as follows. Date June 1 12 23 30 Explanation Units Inventory Purchase (a1) Purchase Inventory 150 450 400 80 Unit Cost $10 11 12 Assume a sale of 500 units occurred on June 15 for a selling price of $13 and a sale of 420 units on June 27 for $9. olate cost of goods available for sale Total Cost $1.500 4,950 4,800 The cost of goods available for sale $ 11250
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The inventory data for an item for November are: Nov. 1 Inventory 24 units at $21 4 Sold 11 units 10 Purchased 27 units at $20 17 Sold 23 units 30 Purchased 25 units at $23 Using a perpetual system, what is the cost of the goods sold for November if the company uses LIFO? a.$691 b.$704 c.$915 d.$964
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QUESTION 6 A company had the following purchases during its first year of operations: Purchases Sales January April May 20 units at $7 30 units at $8 15 units at $14 The company uses the weighted-average method to determine the cost of its inventory. a. What is the weighted average cost per unit in May (round to one decimal place if necessary)? b. What is the cost of goods sold in May? c. What is the cost of ending inventory in May?
The summarized balance sheets of Pharoah Company and Sheridan Company as of December 31, 2025 are as follows: Assets Liabilities Capital stock Retained earnings Total equities Assets Liabilities Capital stock Retained earnings Total equities Pharoah Company Balance Sheet December 31, 2025 O $444000. O $297000. O $345000. O $350000. Sheridan Company Balance Sheet December 31, 2025 $2000000 $220000 1000000 780000 $2000000 $1480000 $330000 990000 160000 $1480000 If Pharoah Company acquired a 30% interest in Sheridan Company on December 31, 2025 for $350000 and the equity method of accounting for the investment was used, the amount of the debit to Equity Investments (Sheridan) to record the purchase would have been
Purchases Sales Units Unit Cost Units Selling Price/Unit 3/1 Beginning inventory 102 $30 3/3 Purchase 62 $40 3/4 Sales 72 $60 3/10 Purchase 202 $45 3/16 Sales 82 $70 3/19 Purchase 42 $50 3/25 Sales 122 $70 Using the inventory and sales data above, calculate the value assigned to cost of goods sold in March and to the ending inventory at March 31 using FIFO and LIFO.