Homework Help is Here – Start Your Trial Now!
Business
Accounting
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

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 12RE: Carla Company uses the perpetual inventory system. The following information is available for...
See similar textbooks
icon
Related questions
Topic Video
Question

Rahul

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
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
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting for Merchandise Inventory
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.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Financial And Managerial Accounting
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Financial Accounting
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
SEE MORE TEXTBOOKS