Larkspur Company uses a perpetual inventory system. Beginning inventory is 2,700 T-shirts at a cost $2.50 per shirt. During the yearLarkspur had the following inventory transactions:Jan. 12Feb. 18Jul. 1Aug. 29Dec. 19Purchased 540 cost @2.15 per unit1,450 cost @6.50 per unit1,200 cost @2.65 per unit1,500 cost @7.50 per unit540 cost @3.05 per unit(a)SoldPurchasedSoldPurchasedAll purchases and sales are on account.Calculate the cost of goods sold and ending inventory using weighted average. (Round cost per unit to 2 decimal places, e.g. 2.25 andother answers to 0 decimal places, e.g. 5,125.)Cost of goods soldEnding inventorySave for Later$$Weighted average

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Description: Larkspur Company uses a perpetual inventory system. Beginning inventory is 2,700 T-shirts at a cost $2.50 per shirt. During the yearLarkspur had the following inventory transactions:Jan. 12Feb. 18Jul. 1Aug. 29Dec. 19Purchased 540 cost @2.15 per unit

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Larkspur Company uses a perpetual inventory system. Beginning inventory is 2,700 T-shirts at a cost $2.50 per shirt. During the year Larkspur had the following inventory transactions: Jan. 12 Purchased Feb. 18 Sold Jul. 1 Aug. 29 Dec. 19 Purchased Sold Purchased 540 cost @2.15 per unit 1,450 cost@6.50 per unit 1,200 cost@2.65 per unit 1,500 cost @7.50 per unit 540 cost @3.05 per unit All purchases and sales are on account.

Larkspur Company uses a perpetual inventory system. Beginning inventory is 2,700 T-shirts at a cost $2.50 per shirt. During the year Larkspur had the following inventory transactions: Jan. 12 Purchased Feb. 18 Sold Jul. 1 Aug. 29 Dec. 19 Purchased Sold Purchased 540 cost @2.15 per unit 1,450 cost@6.50 per unit 1,200 cost@2.65 per unit 1,500 cost @7.50 per unit 540 cost @3.05 per unit All purchases and sales are on account.

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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