Inventory records for Eliza Company revealed the following Number of Date Transaction Units Unit Cost March 1 Beginning Inventory 980 $7.26 March 10 Purchase 560 7.76 March 16 March 23 Purchase Purchase 451 8.36 580 9.06 Eliza sold 1,850 units of inventory during the month. Ending Inventory assuming FIFO would be (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.) Multiple Choice O $9,240 $1,489 $5.709 $7,115

Inventory records for Eliza Company revealed the following Number of Date Transaction Units Unit Cost March 1 Beginning Inventory 980 $7.26 March 10 Purchase 560 7.76 March 16 March 23 Purchase Purchase 451 8.36 580 9.06 Eliza sold 1,850 units of inventory during the month. Ending Inventory assuming FIFO would be (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.) Multiple Choice O $9,240 $1,489 $5.709 $7,115

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: Oct. 1 Inventory 350 units at $11 13 Sale 180 units 22 Purchase 330 units at $14 29 Sale 400 units 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. per unit 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. 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 plates.
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A company's inventory records contain the following information: Beginning Inventory: Purchased on June 10 Purchased on June 15 Purchased on June 28 Multiple Choice The company sold 1,000 units during June and 500 units were in its ending Inventory on June 30. If the company uses the weighted average inventory costing method, what is the cost of its ending inventory? $2,700 300 units 400 units 500 units 300 units 1,500 $4,200 $780 1,170 1,260 990 $4,200
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