Pina Furniture Ltd. uses a perpetual inventory system and has a beginning inventory, as at June 1, of 490 bookcases at a cost of $132each. During June, the company had the following purchases and sales of bookcases:DateJune(a)610141626PurchasesUnits Unit cost1,160$1341,780970135136SalesUnits Unit price9501,660$201206 Determine the cost of goods sold and the cost of the ending inventory using the average cost formula. (Use unrounded numbers foraverage cost calculations. Round answers to 2 decimal places. e.g 5.52.)Cost of goods soldCost of the ending inventory$

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Description: Pina Furniture Ltd. uses a perpetual inventory system and has a beginning inventory, as at June 1, of 490 bookcases at a cost of $132each. During June, the company had the following purchases and sales of bookcases:DateJune(a)610141626PurchasesUnits

Under weighted average model, cost of the goods that are available for sale divided by the number of…

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Pina Furniture Ltd. uses a perpetual inventory system and has a beginning inventory, as at June 1, of 490 bookcases at a cost of $132 each. During June, the company had the following purchases and sales of bookcases: Date June 6 10 14 16 26 Purchases Units Unit cost 1,160 $134 1,780 970 135 136 Units 950 1,660 Sales Unit price $201 206

Pina Furniture Ltd. uses a perpetual inventory system and has a beginning inventory, as at June 1, of 490 bookcases at a cost of $132 each. During June, the company had the following purchases and sales of bookcases: Date June 6 10 14 16 26 Purchases Units Unit cost 1,160 $134 1,780 970 135 136 Units 950 1,660 Sales Unit price $201 206

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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