Novak Company uses a periodic inventory system. For April, when the company sold 450 units, the following information is available.UnitsUnit CostTotal CostApril 1 inventory320$35$ 11,200April 15 purchase4304218,060April 23 purchase2504611,5001,000$40,760(a1)Calculate weighted-average cost per unit. (Round answer to 2 decimal places, e.g. 2.76.)Weighted-average cost per unit$

To compute: Weighted-average cost per unit = Total cost / Total units available for sale…

Answered: Novak Company uses a periodic inventory…

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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Crane Company uses a periodic inventory system. For April, when the company sold 400 units, the following information is available. Units Unit Cost Total Cost April 1 inventory 220 $11 $2,420 April 15 purchase 450 13 5,850 April 23 purchase 330 14 4,620 1,000 $12,890 Compute the April 30 inventory and the April cost of goods sold using the FIFO method. Ending inventory Cost of goods sold 24
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Tablet Company, which uses a periodic inventory system, reports the following in its inventory records forJune: Units Unit CostBeginning Inventory 10 $12.00Purchase #1 5 $10.00Purchase #2 5 $14.00 During June, Tablet Company sold 12 units. Using the weighted-average cost method, compute the June 30 ending inventory balance for this product.
Calculate the cost of goods sold dollar value for A67 Company for the month, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for weighted average (AVG). Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar amount. Numberof Units Unit Cost Sales Beginning inventory 900 $50 Purchased 600 52 Sold 400 $100 Sold 350 110 Ending inventory 750 AVG (perpetual) Inventory Cost of Goods Purchased Cost of Goods Sold Cost of Inventory Remaining Numberof Units Unit Cost Total Cost Numberof Units Unit Cost Total Cost Numberof Units Unit Cost Total Cost Beginning fill in the blank 1 fill in the blank 2 fill in the blank 3 Purchase fill in the blank 4 fill in the blank 5 fill in the blank 6 fill in the blank 7 fill in the blank 8 fill in the blank 9 Sale…
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Calculate the November 30 Inventory and the November Cost of goods sold using the FIFO cost formula Sarasota Corporation uses a perpetual inventory system. On November 19, the company sold 610 units. The following additional information is available: Nov. 1 inventory Nov. 15 purchase Nov. 23 purchase Units 330 430 390 1,150 Unit Cost $11 15 16 Total Cost $3,630 6,450 6,240 $16,320
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