Neverstop Corporation sells item A as part of its product line. Information about the beginning inventory, purchases, and sales of itemA are given in the following table for the first six months of the current year. The company uses a perpetual inventory system:DateJanuary 1 (beginning inventory)January 24February 8March 16June 11PurchasesSalesNumber of Units Unit Cost560Number of Units Sales Price$3.70360$5.20660$3.80360$5.20660$3.80Required:1. Compute the cost of ending inventory by using the weighted-average costing method. (Do not round intermediate calculations andround the final answer to 2 decimal places.)Answer is complete and correct.Ending inventory$ 4,396.402. Compute the gross profit for the first six months of the current year by using the FIFO costing method. (Do not round intermediatecalculations and round the final answer to 2 decimal places.)Answer is complete and correct.Gross profit$ 1,064.00

Name: Neverstop Corporation sells item A as part of its product line. Infor
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Description: Neverstop Corporation sells item A as part of its product line. Information about the beginning inventory, purchases, and sales of itemA are given in the following table for the first six months of the current year. The company uses a perpetual inve

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erstop Corporation sells ite A as part Its product Information the beginning inventory, purchases, sales of Item e given in the following table for the first six months of the current year. The company uses a perpetual inventory system: te nuary 1 (beginning inventory) nuary 24 bruary 8 rch 16 ne 11 uired: Purchases Number of Units Unit Cost Sales Number of Units Sales Price 560 $3.70 360 $5.20 660 $3.80 360 $5.20 660 $3.80 ompute the cost of ending inventory by using the weighted-average costing method. (Do not round intermediate calculations and nd the final answer to 2 decimal places.) Answer is complete and correct. ing inventory $ 4,396.400

erstop Corporation sells ite A as part Its product Information the beginning inventory, purchases, sales of Item e given in the following table for the first six months of the current year. The company uses a perpetual inventory system: te nuary 1 (beginning inventory) nuary 24 bruary 8 rch 16 ne 11 uired: Purchases Number of Units Unit Cost Sales Number of Units Sales Price 560 $3.70 360 $5.20 660 $3.80 360 $5.20 660 $3.80 ompute the cost of ending inventory by using the weighted-average costing method. (Do not round intermediate calculations and nd the final answer to 2 decimal places.) Answer is complete and correct. ing inventory $ 4,396.400

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter20: Accounting For Inventory

Section: Chapter Questions

Problem 3AP

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