ou are a newly hired accountant for Sushi Beeber, Inc., a retail company specializing in apparel for small pets. The company would like to expand its apparel line to include sweaters for cats. Sushi Beeber has found several manufacturers that offer competitive prices to ensure cost of goods sold is low. Because the company receives merchandise from different manufacturers and the cat sweaters will be commoditized, the company needs to develop an internal accounting system to keep track of inventory cost. You think that the weighted average cost method may help the company stay up-to-date with the inventory cost as purchase cost changes over time. Your task is to create a spreadsheet that can calculate the inventory cost based on purchases and sales for the month. See attached spreadsheet.-this has the information you need! The chart below is what I need to fill in. Inventory Weighted Date Purchase/Sale Total Cost Average Cost 1-Oct Purchase
ou are a newly hired accountant for Sushi Beeber, Inc., a retail company specializing in apparel for small pets. The company would like to expand its apparel line to include sweaters for cats. Sushi Beeber has found several manufacturers that offer competitive prices to ensure cost of goods sold is low. Because the company receives merchandise from different manufacturers and the cat sweaters will be commoditized, the company needs to develop an internal accounting system to keep track of inventory cost. You think that the weighted average cost method may help the company stay up-to-date with the inventory cost as purchase cost changes over time. Your task is to create a spreadsheet that can calculate the inventory cost based on purchases and sales for the month. See attached spreadsheet.-this has the information you need! The chart below is what I need to fill in. Inventory Weighted Date Purchase/Sale Total Cost Average Cost 1-Oct Purchase
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
You are a newly hired accountant for Sushi Beeber, Inc., a retail company specializing in apparel for small pets. The company would like to expand its apparel line to include sweaters for cats. Sushi Beeber has found several manufacturers that offer competitive prices to ensure cost of goods sold is low. Because the company receives merchandise from different manufacturers and the cat sweaters will be commoditized, the company needs to develop an internal accounting system to keep track of inventory cost. You think that the weighted average cost method may help the company stay up-to-date with the inventory cost as purchase cost changes over time. Your task is to create a spreadsheet that can calculate the inventory cost based on purchases and sales for the month. See attached spreadsheet.-this has the information you need! The chart below is what I need to fill in.
| Inventory | Weighted | ||
| Date | Purchase/Sale | Total Cost | Average Cost |
| 1-Oct | Purchase | ||
| 1-Oct | Sale | ||
| 3-Oct | Purchase | ||
| 4-Oct | Sale | ||
| 4-Oct | Sale | ||
| 4-Oct | Purchase | ||
| 7-Oct | Sale | ||
| 7-Oct | Purchase |
Transcribed Image Text:Sign for Cost of
Purchase (purchase Sales (sale 1,
asepund) uss
Sign for Cost of
Weighted
Purchase/
Sale
Date
Purchase
Unit Cost
+1, sale -1)
Units on Hand
Cost of Purchase
Cost of Sales Total Cost
lo ajes t
1-Oct Purchase
S 08
os
08
1-Oct Sale
3-Oct Purchase
4-Oct Sale
4-Oct Sale
4-Oct Purchase
7-Oct Sale
00ZET
sl09
136.00
los
lov
s os
loz
00'9Et
7-Oct Purchase
8-Oct Purchase
s los
00'LET
00'LET
8 Oct Sale
8-Oct Purchase
9-Oct Sale
9-Oct Purchase
s lov
00 RET
s Jos
00 SET
9-Oct Sale
9 Oct Sale
10-Oct Sale
10-Oct Purchase
los
00'SET
11-Oct Sale
14-Oct Purchase
00'OST
14-Oct Sale
15-Oct Purchase
15-Oct Sale
or
00'OST
lor
s08
150.00
17-Oct Sale
17-Oct Sale
18-Oct Purchase
18-Oct Sale
21-Oct Sale
21-Oct Purchase
22-Oct Sale
23-Oct Sale
$os
OE
00'OSt
100 $ 149.00
24-Oct Purchase
25-Oct Sale
25-Oct Sale
$ 00T
OE
ajes B0 9L
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education