Handy Ltd values its closing inventory using the weighted average method. What is the amount for the cost of goods sold in September? The cost of goods sold = £ 1 September 4 September 12 September 24 September (Type an integer.) Opening inventory Purchases Purchases Sales Units 10,000 $5,000 5,000 10,000 Unit cost (£) 3 4 5

Handy Ltd values its closing inventory using the weighted average method. What is the amount for the cost of goods sold in September? The cost of goods sold = £ 1 September 4 September 12 September 24 September (Type an integer.) Opening inventory Purchases Purchases Sales Units 10,000 $5,000 5,000 10,000 Unit cost (£) 3 4 5

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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Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for WCS12 are as follows: 340 units at $14 160 units 320 units at $15 400 units Inventory Sale Purchase Sale a. Assuming a perpetual inventory system and using the weighted average method, determine the weighted average unit cost after the October 22 purchase. Round your answer to two decimal places. 14.64 ✓ per unit Oct. 1 13 22 29 b. Assuming a perpetual inventory system and using the weighted average method, determine the cost of goods sold on October 29. Round your "average unit cost" to two decimal places. 5,856.00 c. Assuming a perpetual inventory system and using the weighted average method, determine the inventory on October 31. Round your "average unit cost" to two decimal places. 14.64 X
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