Practice Question. Below are the merchandise transactions of Yellow Company for the month of January 2019. January 1, 2019 Beginning Inventory, 3.000 units purchased at 6TL per unit. January 5, 2019 Purchased 3,000 units at 8TL per unit. January 10, 2019 Purchased 4,000 units at 12TL per unit. January 15, 2019 Sold 8.000 units for 15TL (sale price) per unit. January 20, 2019 Purchased 2.000 units at 13TL per unit January 25, 2019 Sold 3.000 units for 17TL (sale price) per unit Required: Under Weighted Average Costing Method Journalize the Transactions by preparing and Inventory Card. Calculate Gross P/L and Cost of Ending Inventory.
Practice Question. Below are the merchandise transactions of Yellow Company for the month of January 2019. January 1, 2019 Beginning Inventory, 3.000 units purchased at 6TL per unit. January 5, 2019 Purchased 3,000 units at 8TL per unit. January 10, 2019 Purchased 4,000 units at 12TL per unit. January 15, 2019 Sold 8.000 units for 15TL (sale price) per unit. January 20, 2019 Purchased 2.000 units at 13TL per unit January 25, 2019 Sold 3.000 units for 17TL (sale price) per unit Required: Under Weighted Average Costing Method Journalize the Transactions by preparing and Inventory Card. Calculate Gross P/L and Cost of Ending Inventory.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Practice Question. Below are the merchandise transactions of Yellow Company for the month of January 2019.
|
January 1, 2019 |
Beginning Inventory, 3.000 units purchased at 6TL per unit. |
|
January 5, 2019 |
Purchased 3,000 units at 8TL per unit. |
|
January 10, 2019 |
Purchased 4,000 units at 12TL per unit. |
|
January 15, 2019 |
Sold 8.000 units for 15TL (sale price) per unit. |
|
January 20, 2019 |
Purchased 2.000 units at 13TL per unit |
|
January 25, 2019 |
Sold 3.000 units for 17TL (sale price) per unit |
Required: Under Weighted Average Costing Method
- Journalize the Transactions by preparing and Inventory Card.
- Calculate Gross P/L and Cost of Ending Inventory.
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