Concept Videos iesRequired informationUNIT30s$45May 1April 5April 10April 15April 201April 22#Knowledge Check 01Assume that we use a perpetual inventory system and that five identical units are purchased at the following four dates and costs:3$ 10$ 120:00-0:54$14$16- $17Cost of the ending inventory$One unit is sold on April 25. The company uses the weighted average inventory costing method.Identify the cost of the ending inventory on the balance sheet.Note: Round your answer to 2 decimal places.4%5H6< Preya+&Inventory............$1207Saved1x CE14 15188S16**Eno1918of 20hoNext >In

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Description: Concept Videos iesRequired informationUNIT30s$45May 1April 5April 10April 15April 201April 22#Knowledge Check 01Assume that we use a perpetual inventory system and that five identical units are purchased at the following four dates and costs:3$ 10$

calculation of cost of ending inventory under weighted average inventory costing method are as…

Business

Accounting

Knowledge Check 01 Assume that we use a perpetual inventory system and that five identical units are purchased at the following four dates and costs April 5 $ 10 April 10 $ 12 ⠀⠀ April 15 $14 April 20 $ 16 April 22 $ 17 One unit is sold on April 25. The company uses the weighted average inventory costing method.

Knowledge Check 01 Assume that we use a perpetual inventory system and that five identical units are purchased at the following four dates and costs April 5 $ 10 April 10 $ 12 ⠀⠀ April 15 $14 April 20 $ 16 April 22 $ 17 One unit is sold on April 25. The company uses the weighted average inventory costing method.

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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Hull Company's record of transactions concerning part X for the month of April was as follows. Purchases Sales April 1 (balance on hand) 100 @ $5.00 April 5 300 4 400 @ 5.10 12 200 11 300 @ 5.30 27 800 18 200 @ 5.35 28 150 26 600 @ 5.60 30 200 @ 5.80 Instructions a. Compute the inventory at April 30 on each of the following bases. Assume that perpetual inventory records are kept in units only. Carry unit costs to the nearest cent. 1. First-in, first-out (FIFO). 2. Last-in, first-out (LIFO). 3. Average-cost. b. If the perpetual inventory record is kept in dollars, and costs are computed at the time of each withdrawal, what amount would be shown as ending inventory in (1), (2), and (3) above? (Carry average unit costs to four decimal places.)
B66's transactions involving inventory for the month are shown below. Calculate the dollar amount of Sales, Cost of Goods Sold, Gross Margin and Ending Inventory using the three cost allocation methods (FIFO, LIFO, and Weighted Average) with perpetual inventory updating. Number of Units Unit Cost Sales Beginning Inventory 100 $66 Sold 50 $120 Purchased 80 $75 Sold 25 $125 Ending Inventory 105 Show your calculations and clearly label your solution. Submit your work as an attachment to this assignment.
What is the per unit value of ending inventory on August 31? Answers should be rounded to the nearest cent. Multiple Choice A) $18.00 B)$17.42 C)$19.63 D)$14.00 E)$15.80