**Perpetual Inventory Using Weighted Average****Beginning inventory, purchases, and sales for 30XT are as follows:**| Date | Transaction | Details ||---------|---------------|-----------------------|| May 1 | Inventory | 50 units at $80 || May 12 | Sale | 35 units || May 23 | Purchase | 60 units at $90 || May 26 | Sale | 55 units |**Objective:**Assuming a perpetual inventory system and using the weighted average method, determine:(a) The weighted average unit cost after the May 23 purchase. (b) The cost of the merchandise sold on May 26. (c) The inventory on May 31.

Name: **Perpetual Inventory Using Weighted Average****Beginning inventory,
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: **Perpetual Inventory Using Weighted Average****Beginning inventory, purchases, and sales for 30XT are as follows:**| Date | Transaction | Details ||---------|---------------|-----------------------|| May 1 | Inventory | 50

Weighted average cost per unit = Total cost of goods available for sale/Total units available for…

Business

Accounting

PE 7-4A Perpetual inventory using weighted average Beginning inventory, purchases, and sales for 30xT are as follows: OBJ. 3 May 1 12 Inventory Sale 50 units at $80 35 units Purchase Sale 23 60 units at $90 26 55 units Assuming a perpetual inventory system and using the weighted average method, deter- mine (a) the weighted average unit cost after the May 23 purchase, (b) the cost of the merchandise sold on May 26, and (c) the inventory on May 31.

PE 7-4A Perpetual inventory using weighted average Beginning inventory, purchases, and sales for 30xT are as follows: OBJ. 3 May 1 12 Inventory Sale 50 units at $80 35 units Purchase Sale 23 60 units at $90 26 55 units Assuming a perpetual inventory system and using the weighted average method, deter- mine (a) the weighted average unit cost after the May 23 purchase, (b) the cost of the merchandise sold on May 26, and (c) the inventory on May 31.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

A.4
None
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: Oct. 1 Inventory 88 units @ $27 8. Sale 70 units 15 Purchase 98 units @ $29 27 Sale 82 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on Oct. 27 and (b) the inventory on Oct. 31. a. Cost of goods sold on Oct. 27 b. Inventory on Oct. 31 $
Perpetual inventory using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: July 1 Inventory 82 units @ $20 July 8 Sale 66 units July 15 Purchase 91 units @ $24 July 27 Sale 76 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on July 27 and (b) the inventory on July 31. a. Cost of goods sold on July 27 b. Inventory on July 31
Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for WCS12 are as follows: 300 units at $9 200 units 400 units at $11 300 units Oct. 1 13 22 Inventory Sale Purchase Sale 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. per unit 29 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. 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. Feedback
6
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item CZ83 are as follows: March 1 82 units @ $34 5 66 units 91 units @ $37 76 units 11 21 Inventory Sale Purchase Sale Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on March 21 and (b) the inventory on March 31. a. Cost of merchandise sold on March 21 b. Inventory on March 31
Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for WCS12 are as follows: 340 units at $14 160 units 320 units at $15 400 units Inventory Sale Purchase Sale 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. 14.64 ✓ per unit Oct. 1 13 22 29 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. 5,856.00 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. 14.64 X