nces Given the following: January 1 inventory April 1 June 1 November 1 Cost of ending inventory Number purchased 40 60 50 55 205 Cost of goods sold Cost per unit $ 4 7 8 9 Total a. Calculate the cost of ending inventory using the weighted-average method (ending inventory shows 61 units Note: Round the "average unit cost" and final answer to the nearest cent. $ 160 420 400 495 $ 1,475 b. Calculate the cost of goods sold using the weighted-average method. Note: Round your intermediate calculations and final answer to the nearest cent.

nces Given the following: January 1 inventory April 1 June 1 November 1 Cost of ending inventory Number purchased 40 60 50 55 205 Cost of goods sold Cost per unit $ 4 7 8 9 Total a. Calculate the cost of ending inventory using the weighted-average method (ending inventory shows 61 units Note: Round the "average unit cost" and final answer to the nearest cent. $ 160 420 400 495 $ 1,475 b. Calculate the cost of goods sold using the weighted-average method. Note: Round your intermediate calculations and final answer to the nearest cent.

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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Given the following: January 1 inventory April 1 June 1 November 1 Cost of ending inventory Number purchased 42 62 52 57 213 Cost per unit $ 3 6 7 8 Cost of goods sold Total a. Calculate the cost of ending inventory using the FIFO (ending inventory shows 63 units). $ 126 372 364 456 $ 1,318 b. Calculate the cost of goods sold using the FIFO (ending inventory shows 63 units).
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Refer to the data in attached image. 1.Using the perpetual inventory system, compute the cost of ending inventory, cost of goods sold, and gross margin. Use the average-cost, FIFO, and LIFO inventory costing methods. (Round unit costs to the nearest cent.) 2.Explain the reasons for the differences in gross mar-gin produced by the three methods.
Car Armour sells car wash cleaners. Car Armour uses a perpetual inventory system and made purchases and sales of a particular product in 2020 as follows: Jan. 1 Beginning inventory Jan. 10 Sold Mar. 7 Purchased Mar. 15 Sold July 28 Purchased Oct. 3 Purchased Oct. 5 Sold 110 units @ $ 7.30 80 units @ $15.80 330 units @ $ 6.60 130 units @ $15.80 580 units @ $ 6.40 530 units @ $6.30 710 units @ $15.80 Total goods available for sale Units = = = Cost = Required: 1. Calculate the total goods available for sale (in units and cost). = $ 803.00 1,264.00 2,178.00 2,054.00 3,712.00 3,339.00 11,218.00
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3 From the following, calculate the cost of ending inventory and cost of goods sold for the FIFO method, ending inventory is 49 units. Note: Round your answers to the nearest cent. ences Beginning inventory and purchases January 1 April 10 May 15 July 22 August 19 September 30 November 10 December 15 Mc Graw Hill Cost of ending inventory Cost of goods sold Units 5 10 12 15 18 20 32 16 Unit cost $ 2.00 2.50 3.00 3.25 4.00 4.20 4.40 4.80 < Prev M fr 6 of 10 control JUL 30 Q # A Z 1 option W Next O S X E H command D 4 R C F T V G B 7 H U B N J 1 9 M K 0 0 J P command
Given the following: -0. F1 January 1 inventory April 1 June 1 November 1 Q Cost of ending inventory a. Calculate the cost of ending inventory using the FIFO (ending inventory shows 55 units). Cost of goods sold @ 2 b. Calculate the cost of goods sold using the FIFO (ending inventory shows 55 units). -6 F2 W Number purchased 34 #3 80 F3 54 44 49 181 E $ ਵ 4 Cost per unit $4 7 8 9 00 F4 R de LO % 5 Total $ 136 378 352 441 $1,307 F 84 F7 H * 00 8 U DII FB J ( 9 F9 C K