Numberof UnitsDateTransactionCostApr. 1 Beginning inventoryApr.20 Purchase480$2.035e2.68Dunbar sold 590 unts of inentory during the month Endng inventory assuning welhted average cost would bedecimal pisces and final enswer to the neerest doller amount)

Weighted average method is a method of inventory valuation where unit cost of goods available is…

Answered: Number of Units Date Transaction Cost…

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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es : aw TI Given the following: January 1 inventory April 1 June 1 November 1 Cost of ending inventory Number purchased 40 Cost of goods sold 60 50 55 205 LE a. Calculate the cost of ending inventory using the FIFO (ending inventory shows 61 units). Cost per unit $4 7 8 9 b. Calculate the cost of goods sold using the FIFO (ending inventory shows 61 units). < Prev An Total $ 160 420 400 495 $ 1,475 3 of 10 JUL 30 Next A
Inventory records for Dunbar Incorporated revealed the following: Date Apr. Apr. Transaction 1Beginning Inventory 20Purchase Number of Units Unit Cost 500 $2.40 400 2.50 Dunbar sold 700 units of inventory during the month. Cost of goods sold assuming FIFO would be: O $1,710. O $1,720. O $1,730. O $1,700.
Perpetual inventory using weighted average Beginning inventory, purchases, and sales for WCS12 are as follows: Date Line Item Description Value Oct. 1 Inventory 340 units at $14 Oct. 13 Sale 160 units Oct. 22 Purchase 320 units at $15 Oct. 29 Sale 200 units a. Assuming a perpetual inventory system and using the weighted average method, determine the weighted average unit cost after the October 22 purchase. Round your answer to two decimal places.fill in the blank 1 of 1$ per unit b. Assuming a perpetual inventory system and using the weighted average method, determine the cost of goods sold on October 29. Round your "average unit cost" to two decimal places.fill in the blank 1 of 1$ c. Assuming a perpetual inventory system and using the weighted average method, determine the inventory on October 31. Round your "average unit cost" to two decimal places.fill in the blank 1 of 1$
Vikram Bhai
LIFO Perpetual Inventory The beginning inventory of merchandise at Rhodes Co. and data on purchases and sales for a three-month period ending June 30 are as follows: Date of Transaction Number of Units Per unit Total Apr 3 - inventory 40 $670 $26,800 8 - purchase 120 690 82,800 11- sale 60 1,120 67,200 30 - sale 50 1,120 56,000 May 8 - purchase 100 700 70,000 10 - sale 80 1,120 89,000 19 - sale 30 1,120 33,600 28 - purchase 120 707 84,840 June 5 - sale 60 1,260 75,600 16 - sale 40 1,260 50,400 21 - purchase 180 712 128,160 28 - sale 190 1,260 239,400 Required: 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4, using the last-in, first-out method. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Merchandise Sold Unit Cost column and LOWER unit cost first in the Inventory Unit…
Neighborly Industries has the following inventory information. July 1Beginning Inventory 30 units at RM120 180 units at RM112 |120 units 5Purchases 14Sale 21 Purchases 90 units at RM115 30 Sale 84 units Assuming that a periodic inventory system is used, what is the amount allocated to ending inventory on a FIFO basis? O A. RMI1,022 O B. RM23,088 O C. RM23,118 O D. RM10,992
e Acco Q Acco Unit Acco G the i G Whe G A me O Que: O Chap G A me + Accc ассо асco om Assume the beginning inventory as of January 1 consisted of 500 units that were purchased for $8.25 each. During the month, three new purchases were made. The first purchase consisted of 700 units costing $8.50 each, the second purchase had 800 units costing $9.00 each, and the third purchase had 600 units costing $9.50 each. At the end of the month, ending inventory shows 700 units. Compute the cost of goods sold and the ending inventory for the company using each of the following methods. Also determine the gross margin if the total sales revenue is $43,000. a. Specific identification: Of the units sold, 300 were from the beginning inventory, 600 from the first purchase, 700 from the second purchase, and 300 from the third purchase. Cost of goods sold Ending inventory Gross profit b. First-in, first-out (FIFO) Cost of goods sold %24 Ending inventory Gross profit c. Weighted-average (round the unit…
A company purchased inventory as follows: 160 units at $8 320 units at $5 The average unit cost for inventory is Select one: a. $6.00. b. $7.50. C. S7.00. d. $6.70. Previous
Assuming FIFO cost cash flow method is used, how much is the ending inventory and cost of sales, respectively? A. 130,000 and 101,000 B. 101,000 and 130,000 C. 105,000 and 126,300 D. 126,300 and 105,000
Financial statement data for years ending December 31 for Amsterdam Company follow: 20Y4 20Y3 Cost of merchandise sold $992,800 $611,010 Inventories: Beginning of year 239,440 167,900 End of year 344,560 239,440 a. Determine the inventory turnover for 20Y4 and 20Y3. Round to one decimal place.
Beginning inventory, purchases, and sales for Item Copper are as follows: Mar. 1 Inventory 450 units at $7 9 Sale 390 units 13 Purchase 410 units at $8 25 Sale 340 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) the inventory on March 31. a. Cost of merchandise sold on March 25 2,720 X b. Inventory on March 31 980 X

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Number of Units Date Transaction Cost Apr. 1 Beginning inventory Apr.20 Purchase 480 $2.0 35e 2.68 Dunbar sold 590 unts of inentory during the month Endng inventory assuning welhted average cost would be decimal pisces and final enswer to the neerest doller amount)