Perpetual inventory using weighted averageBeginning inventory, purchases, and sales for WCS12 are as follows:Oct. 1 InventoryOct. 13 SaleOct. 22 PurchaseOct. 29 Sale340 units at $14190 units350 units at $16200 unitsa. Assuming a perpetual inventory system and using the weighted average method, determine the weighted average unit cost after the October22 purchase. Round your answer to two decimal places.$per unitb. Assuming a perpetual inventory system and using the weighted average method, determine the cost of goods sold on October 29. Roundyour "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.

Part a:Determine the weighted average unit cost after the October 22 purchase.1. Calculate the total…

Answered: Perpetual inventory using weighted…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Use the weighted-average (AVG) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and (c) gross margin for A75 Company, considering the following transactions. Round your intermediate calculations to 2 decimal places and final answers to nearest whole dollar. Number Unit of Units Cost Beginning Inventory 110 $41 Purchased Mar. 2 150 43 Sold Mar. 31 for $75 per unit 86 (a) Sales Revenue (b) Cost of Goods Sold (c) Gross Margin
The following units of an inventory item were available for sale during the year: Beginning inventory 9 units at $52 First purchase 19 units at $54 Second purchase 26 units at $55 Third purchase 13 units at $57 The firm uses the periodic inventory system. During the year, 22 units of the item were sold. The value of ending inventory rounded to the nearest dollar using average cost is (Round average cost per unit to three decimal places.) a. $1,170 b. $1,144 Oc. $2,462 Od. $1,236
5.The following data pertain to Cross Company (assume a perpetual inventory system) for the month ended January 31, 2019: Date Description Units Unit Cost Unit Selling Price Jan.1 Beg. Inventory 10 $50 5 Purchase 25 52 10 Sale (6) $80 16 Sale (10) 82 20 Purchase 12 55 25 Sale (20) 85 Required: 1. Compute the cost of goods sold and ending inventory under FIFO. 2. Compute Gross Margin under FIFO
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Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 5 units at $31 $155 Aug. 13 Purchase 12 units at $34 408 Nov. 30 Purchase 11 units at $35 385 Available for sale 28 units $948 There are 17 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (a) first-in, first-out (FIFO) method; (b) last-in, first-out (LIFO) method; and (c) weighted average cost method (round per-unit cost to two decimal places and your final answer to the nearest whole dollar). a. First-in, first-out (FIFO) $fill in the blank 1 b. Last-in, first-out (LIFO) $fill in the blank 2 c. Weighted average cost $fill in the blank 3
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From the following, calculate the cost of ending inventory and cost of goods sold for the LIFO method, ending inventory is 50 units. Note: Round your answers to the nearest cent. Beginning inventory and purchases January 1 April 101 May 15 July 22 August 19 September 30 November 10 December 15. 5 Cost of ending inventory Cost of goods sold 10 12 15 18. 20 32 16 THIE cont $1.40 1.90 2.40 2.65 3.40 3.60 3.80 4.20 Answer is complete but not entirely correct. $ $ 204.75 365.40
You have the following information for Bramble Inc. for the month ended October 31, 2022. Bramble uses a periodic method for inventory. Date Description Units Unit Cost or Selling Price Oct. 1 Beginning inventory 54 $23 Oct. 9 Purchase 132 25 Oct. 11 Sale 108 34 Oct. 17 Purchase 103 26 Oct. 22 Sale 55 39 Oct. 25 Purchase 65 28 Oct. 29 Sale 121 39
Atlas Company uses the perpetual inventory costing system. The company has provided the following data for the current period: Units Total $ 800.00 $1,540.00 $ 960.00 $6,000.00 Date Transaction 1-Nov Beginning balance 4-Nov Purchases 40.00 70.00 40.00 6-Nov Purchases 7-Nov Sales 100.00 Calculate the total purchases for the period given per FIFO $20.00 $22.00 $24.00 $60.00

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