During 2021, a company sells 25 units of inventory. The company has the following inventory purchase transactions for 2021:UnitTotalNumberof Units20DateTransactionCostCostJan. 1 Beginning inventorySep. 8 Purchase$5068$1,0006801030$1,680Calculate ending inventory and cost of goods sold for 2021 assuming the company uses the weighted-average cost method. (Rourweighted-average unit cost to 4 decimal places. Round your final answers to the nearest dollar amount.)Ending inventoryCost of goods sold

Formula: Cost per unit = Total cost / Number of units.

Answered: During 2021, a company sells 25 units…

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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During 2024, a company sells 20 units of inventory. The company has the following inventory purchase transactions for 2024: Number of Unit Units 15 Cost $50 10 92 25 Date January 1 September 8 Transaction Beginning inventory Purchase Ending inventory Cost of goods sold Total Cost $750 920 $1,670 Calculate ending inventory and cost of goods sold for 2024 assuming the company uses the weighted-average cost method. (Ro weighted-average unit cost to 4 decimal places. Round your final answers to the nearest dollar amount.)
1) During 2021, a company sells 30 units of inventory at $60. The company has the following inventory purchase transactions for 2021: Date Jan. 1 Sep. 8 Transaction Beginning inventory Purchase Number of Units 25 20 45 Unit Cost $50 55 Total Cost $1,250 1,100 $2,350 Calculate ending inventory and cost of goods sold and gross profit for 2021 assuming the company uses both FIFO and LIFO.
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HOW DO I CACULATE ENDING INVENTORY , COST OF GOODS SOLD, GROSS PROFIT ?
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The following units of an inventory item were available for sale during the year: Beginning inventory 8 units at $50 First purchase 16 units at $51 Second purchase 21 units at $52 Third purchase 15 units at $54 The firm uses the periodic inventory system. During the year, 22 units of the item were sold. The value of ending inventory rounded to the nearest dollar using average cost is (Round average cost per unit to three decimal places.) Oa. $1,174 Ob. $1,975 Oc. $1,100 Od. $1,114
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