Pharoah Company uses a periodic inventory system and its accounting records include the following inventory information for the month of July: July 1 12 20 28 Inventory Purchase Sale Purchase Ending inventory Cost of goods sold Units $ 150 $ 230 (250) 490 Unit Cost $7.00 FIFO 8.50 11.00 Total Cost A physical inventory count determined that 620 units were at July 31. (a) $1,050.00 Calculate the ending inventory and the cost of goods sold under (1) FIFO and (2) weighted average. (Round the weighted average cost per unit and final answers to 2 decimal places, e.g. 5,275.75.) 1,955.00 5,390.00 0 $ $ Weighted average
Pharoah Company uses a periodic inventory system and its accounting records include the following inventory information for the month of July: July 1 12 20 28 Inventory Purchase Sale Purchase Ending inventory Cost of goods sold Units $ 150 $ 230 (250) 490 Unit Cost $7.00 FIFO 8.50 11.00 Total Cost A physical inventory count determined that 620 units were at July 31. (a) $1,050.00 Calculate the ending inventory and the cost of goods sold under (1) FIFO and (2) weighted average. (Round the weighted average cost per unit and final answers to 2 decimal places, e.g. 5,275.75.) 1,955.00 5,390.00 0 $ $ Weighted average
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Pharoah Company uses a periodic inventory system and its accounting records include the following inventory information for the
month of July:
July 1
12
(a)
20
28
Inventory
Purchase
Sale
Purchase
Ending inventory
Cost of goods sold
Units
$
150
$
230
(250)
490
Unit
Cost
$7.00
FIFO
8.50
A physical inventory count determined that 620 units were at July 31.
11.00
Total Cost
Calculate the ending inventory and the cost of goods sold under (1) FIFO and (2) weighted average. (Round the weighted average
cost per unit and final answers to 2 decimal places, e.g. 5,275.75.)
$1,050.00
1,955.00
5,390.00
$
$
Weighted average
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