Exercise 6-16 Alternative cost flow assumptions-periodic LO8 Paddington Gifts made purchases of a particular product in the current year as follows: Jan. 1 Beginning inventory Mar. 7 Purchased July 28 Purchased 3 Purchased 250 units e s6.10 = $ 1,525 510 units e $5.70 = 1,100 units 890 units e$4.50 2,907 5,610 es5.10 - Oct. 4,005 Totals 2,750 units $ 14,047 Required: 1. The business uses a periodic inventory system. Ending inventory consists of 130 units. Calculate the costs to be assigned to the ending inventory and to goods sold under: (Round intermediate calculations and final answers to 2 decimal places for "Weight average cost".)
Exercise 6-16 Alternative cost flow assumptions-periodic LO8 Paddington Gifts made purchases of a particular product in the current year as follows: Jan. 1 Beginning inventory Mar. 7 Purchased July 28 Purchased 3 Purchased 250 units e s6.10 = $ 1,525 510 units e $5.70 = 1,100 units 890 units e$4.50 2,907 5,610 es5.10 - Oct. 4,005 Totals 2,750 units $ 14,047 Required: 1. The business uses a periodic inventory system. Ending inventory consists of 130 units. Calculate the costs to be assigned to the ending inventory and to goods sold under: (Round intermediate calculations and final answers to 2 decimal places for "Weight average cost".)
Corporate Financial Accounting
14th Edition
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter6: Inventories
Section: Chapter Questions
Problem 6.7EX: FIFO and UFO costs under perpetual inventory system The following units of an item were available...
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Please don't draw a table, its confusing. Can you please explain step by step how you got the values for the calculations for the FIFO and Wiegheted Moving Averages. Please I need explanation in detail.
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