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

Name: DateJanuary 1May 5November 3Weighted AverageTransactionBeginning inve
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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$ $ $
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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
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
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
Computing Cost of Goods Sold and Ending Inventory Bartov Corporation reports the following beginning inventory and purchases for the year: Beginning inventory Inventory purchased 600 1,050 $10 each $6,000 $12 each 12,600 $18,600 Cost of goods available 1,650 units Bartov sells 900 of these units in the year. Compute its cost of goods sold for the year and the ending inventory reported on its year-end balance sheet under each of the following inventory costing methods: (Do not round until your final answer. Round to the nearest whole number.) FIFO LIFO Average cost Cost of goods sold $ 0 $ 0 $ 0 Ending inventory 0 0 0 Check
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Weighted average cost method with perpetual inventory The beginning inventory at Midnight Supplies and data on purchases and sales for a Number of Units Date Transaction Jan. 1 Inventory 10 Purchase 28 Sale 30 Sale Feb. 5 Sale 10 Purchase 16 Sale 28 Sale Mar. 5 Purchase 14 Sale 25 Purchase 30 Sale Required: ✔ 7,200 21,600 10,800 3,600 1,440 51,840 25,920 24,480 43,200 28,800 7,200 25,200 Per Unit Total $76.00 86.00 152.00 152.00 152.00 88.50 162.00 162.00 90.50 162.00 91.00 162.00 $547,200 1,857,600 1,641,600 547,200 218,880 4,587,840 4,199,040 3,965,760 3,909,600 4,665,600 655,200 4,082,400 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inve places, if necessary. Round all total cost amounts to the nearest dollar.
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 7,000 units May 2 8,000 units at $56.50 Aug. 9 8,000 units Oct. 20 4,000 units at $60.00 Date Jan. 1 Mar. 18 Sale 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. May 2 Aug. 9 Oct. 20 Dec. 31 Purchase Sale Purchase Purchases Quantity Balances 8,000 4,000 Purchases Unit Cost 56.50 60 Purchases Total Cost 452,000 240,000 Weighted Average Cost Flow Method Cost of Goods Sold Unit Cost Cost of Goods Sold Quantity 7,000 8,000 50 Cost of Goods Sold Total Cost 350,000 10 Inventory Quantity 9,000 2,000 10,000 Inventory Unit Cost 50 50 Inventory Total Cost 450,000…