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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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 goods 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 Goods SoldWeighted Average Cost Flow Method Purchases Cost of Goods Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Jan. 1 fill in the blank 1 $fill in the blank 2 $fill in the blank 3 Apr. 19 fill in the blank 4 $fill in the blank 5 $fill in the blank 6 fill in the blank 7…
Date January 1 May 5 November 3 Weighted Average Transaction Beginning inventory Purchase Purchase Cost Beginning Inventory Purchases: May 5 November 3 Total 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.) Number of units Number of Units 60 Cost of Goods Available for Sale 60 Average Cost per unit 220 140 420 Cost of Goods Available for Sale $ 220 140 420 $33,700.0000 $ Unit Cost $76 4,560 79 84 17,380 11,760 33,700 Total Cost $4,560 17,380 11,760 $33,700 Cost of Goods Sold - Weighted Average Cost Number of units sold Average Cost per Unit Cost of Goods Sold 375 $30,280.0000 $ 11,355,000.00 Ending Inventory - Weighted Average Cost Number of units in ending inventory Average Cost per unit 45 $ Ending Inventory 3,420.0000 $ 153,900.00
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Wan Tan Corp. made the following four inventory purchases in June: June 1 150 units $5.20 June 10 200 units $5.85 June 15 200 units $6.30 June 28 150 units $6.60 On June 22, 450 units were sold. The company uses the perpetual inventory system and the weighted average to value the inventory. Calculate the cost of goods sold for the sale. Round to the nearest whole dollar. Select one: a. $2,580 b. $2,628 c. $2,700 d. $1,572
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