Jammer Company uses a weighted average perpetual inventory system and reports the following:12 units at $12.50 per unit.14 units at $18.00 per unit.August 2PurchaseAugust 18PurchaseAugust 29Sale24 units.August 31Purchase17 units at $15.50 per unit.What is the per-unit value of ending inventory on August 31? (Round your per unit answers to 2 decimal places.)Multiple Choice$12.50$15.90$16.64$15.46$15.50

The weighted average method is a method of inventory valuation that says that the average cost per…

Jammer Company uses a weighted average perpetual inventory system and reports the following: 12 units at $12. 50 per unit. 14 units at $18.00 per unit. August 2 August 18 August 29 August 31 Purchase Purchase Sale 24 units. 17 units at $15. 50 per unit. Purchase What is the per-unit value of ending inventory on August 31? (Round your per unit answers to 2 decimal places.)

Jammer Company uses a weighted average perpetual inventory system and reports the following: 12 units at $12. 50 per unit. 14 units at $18.00 per unit. August 2 August 18 August 29 August 31 Purchase Purchase Sale 24 units. 17 units at $15. 50 per unit. Purchase What is the per-unit value of ending inventory on August 31? (Round your per unit answers to 2 decimal places.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Intercontinental, Inc., uses a perpetual inventory system. Consider the following information about its inventory: July 1, purchased 10 units for $910 or $91 per unit; July 3, purchased 15 units for $1,590 or $106 per unit; July 14, sold 20 units; July 17, purchased 20 units for $2,300 or $115 per unit; July 28, purchased 10 units for $1,190 or $119 per unit; July 31, sold 23 units.Using LIFO, the cost of goods sold for the sale of 23 units on July 31 is ____ and the inventory balance at July 31 is _____.
A company uses a periodic inventory system. On August 1, the company had 6 items of beginning inventory with a cost of $7 per unit. On August 3, the company purchased 16 units at $14 per unit. Then, on August 5, the company sold 12 units. The 12 units sold consisted of 7 units from the August 3rd purchase and 5 units from the August 1st beginning inventory. Using specific identification, the cost of the 12 units sold is Cost of the units sold
From the following, calculate the cost of ending inventory and cost of goods sold for the LIFO method, ending inventory is 50 units. Note: Round your answers to the nearest cent. Beginning inventory and purchases January 1 April 101 May 15 July 22 August 19 September 30 November 10 December 15. 5 Cost of ending inventory Cost of goods sold 10 12 15 18. 20 32 16 THIE cont $1.40 1.90 2.40 2.65 3.40 3.60 3.80 4.20 Answer is complete but not entirely correct. $ $ 204.75 365.40
From the following, calculate the cost of ending inventory and cost of goods sold for the FIFO method, ending inventory is 58 units. Note: Round your answers to the nearest cent. Beginning inventory and purchases Units Unit cost January 1 6 $ 1.60 April 10 9 2.10 May 15 13 2.60 July 22 14 2.85 August 19 19 3.60 September 30 19 3.80 November 10 33 4.00 December 15 15 4.40 1. Cost of ending inventory 2. Cost of goods sold
Mason Company uses a periodic inventory system and has the following: Beginning inventory, Sept 1 Purchase, Sept 8 Purchase, Sept 17 Purchase, Sept 28 Units Unit cost 800 900 1 700 600 22.00 23.00 24.00 25.00 If 1 000 units are on hand at September 30, the cost of ending inventory under FIFO is:
need answer
From the following, calculate the cost of ending inventory and cost of goods sold for the FIFO method, ending inventory is 54 units. Note: Round your answers to the nearest cent. Beginning inventory and purchases January 1 April 10 May 15 July 22 August 19 September 30 November 10 December 15 Cost of ending inventory Cost of goods sold Units 4 11 11 16 EX 17 21 31 17 Unit cost $ 2.50 3.00 3.50 3.75 4.50 4.70 4.90 5.30
Use the following information (M) from Marvel Company for the month of July to answer the question: Perpetual: Assume that Marvel uses a perpetual FIFO inventory system. What is the dollar value of its ending inventory?
A company uses the periodic inventory system and had the following activity during the current monthly period. November 1: Beginning inventory 100 units @ $20 November 5: Purchased 100 units @ $22 November 8: Purchased 50 units @ $23 November 16: Sold 200 units @ $45 November 19: Purchased 50 units @ $25 Using the weighted-average inventory method, the company's ending inventory would be: Multiple Choice $2,000 $2,250 $2,400 $2,200 $4,400
XYZ Company has the following inventory information: Beginning inventory: 100 units at $10 per unit Purchases: 200 units at $12 per unit Sales: 250 units Ending inventory: ? Calculate the ending inventory and cost of goods sold using the FIFO (First-In, First-Out) method.
ZARA uses a First-In-First-Out (FIFO) perpetual inventory system and has the following purchases and sales: February 10 February 16 50 units were purchased at $42 per unit. 75 units were purchased at $40 per unit. What is the cost per unit sold assuming that 22 units were sold on February 29? | I
Co.’s purchases and sales of a particular product during the year are shown below:Jan. 1 Beginning Inventory 1,500 units @ $ 10Jan. 18 Purchase 1,250 units @ $ 12Jan 20 Sold 1,500 units @ $ 20Jan. 25 Purchase 1,750 units @ $ 14Jan. 27 Sold 1,750 units @ $ 25Jan. 29 Purchase 500 units @ $ 15 Assuming that company uses perpetual inventory system, determine thecost of goods sold and compute the ending inventory as of Jan. 31 and make the journal entry for Jan. 27 transaction by usinginventory subsidiary ledger for LIFO cost flow assumption.