Below are the merchandise transactions of Yellow Company for the month of January 2019.January 1, 2019Beginning Inventory, 3.000 units purchased at 6TL per unit.January 5, 2019Purchased 3,000 units at 8TL per unit.January 10, 2019Purchased 4,000 units at 12TL per unit.January 15, 2019Sold 8.000 units for 15TL (sale price) per unit.January 20, 2019Purchased 2.000 units at 13TL per unitJanuary 25, 2019Sold 3.000 units for 17TL (sale price) per unitRequired: Under Weighted Average Costing Method Journalize the Transactions by preparing and Inventory Card. Calculate Gross P/L and Cost of Ending Inventory.

Sales Jan,10,2019 8000 15 120000 Jan,25,2019 3000 17 51000 11000 171000

Answered: Below are the merchandise transactions…

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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Below are the merchandise transactions of Yellow Company for the month of January 2019.

January 1, 2019	Beginning Inventory, 3.000 units purchased at 6TL per unit.
January 5, 2019	Purchased 3,000 units at 8TL per unit.
January 10, 2019	Purchased 4,000 units at 12TL per unit.
January 15, 2019	Sold 8.000 units for 15TL (sale price) per unit.
January 20, 2019	Purchased 2.000 units at 13TL per unit
January 25, 2019	Sold 3.000 units for 17TL (sale price) per unit

Required: Under Weighted Average Costing Method

Journalize the Transactions by preparing and Inventory Card.
Calculate Gross P/L and Cost of Ending Inventory.

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