Problem 7. Determine the ending inventory using weigthed average method. Flores Company had the following transactions relating to inventory during January. Unit Cost 150 200 Jan 1 Balance on hand 5 Purchase 10 15 20 Sale Sale Purchase Purchase 25 31 Sale Your answer Units 6,000 2,000 4,000 1,000 2,500 2,000 3,000 300 400

Problem 7. Determine the ending inventory using weigthed average method. Flores Company had the following transactions relating to inventory during January. Unit Cost 150 200 Jan 1 Balance on hand 5 Purchase 10 15 20 Sale Sale Purchase Purchase 25 31 Sale Your answer Units 6,000 2,000 4,000 1,000 2,500 2,000 3,000 300 400

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The following are the transactions for the month of July. Units Unit Cost Unit Selling Price July 1 Beginning Inventory 55 $ 10 July 13 Purchase 275 11 July 25 Sold (100 ) $ 14 July 31 Ending Inventory 230 Calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gross profit, under FIFO. Assume a periodic inventory system is used. How would i creat a FIFO periodic table?
5. Gingerbread, Corp. presents the following information for inventory purchases and sales throughout the month of December. The company uses LIFO Perpetual Method for inventory. DATE TRANSACTIONS UNITS UNIT COST December 1 Beginning inventory 1,000 $1.00 December 5 Sale 500 December 20 Purchase 1,000 $1.10 December 31 Sale 500 Cost of goods sold for the month of December is ?
Wan Tan Corp. made the following four inventory purchases in June: June 1 150 units $5.20 June 10 200 units $5.85 June 15 200 units $6.30 June 28 150 units $6.60 On June 22, 450 units were sold. The company uses the perpetual inventory system and the weighted average to value the inventory. Calculate the cost of goods sold for the sale. Round to the nearest whole dollar. Select one: a. $2,580 b. $2,628 c. $2,700 d. $1,572
9. Sylvia's Designs Co. had the following inventory activity during April: Unit Units 100 Cost $10 Beginning inventory Purchase (April 3) Sale (April 10) Purchase (April 18) Purchase (April 23) Sale (April 28) 50 12 80 40 14 60 15 120 Assuming Sylvia's uses a periodic LIFO cost flow assumption, ending inventory for April would be a. $2,560 b. $ 750 c. $2,310 d. $ 500
i need solution step by step
i need the answer quickly
please answer 4 and 5? answer are at the bottom what is the process to get these answers
Jesters company uses a periodic inventory system and reports the following for the month of June DATE EXPLAINATION UNITS UNIT COST TOTAL COST June 1 Inventory 120 $5 $600 12 Purchase 370 $6 $2220 23 Purchase 200 $7 $1400 30. Inventory. 230 How do the average-cost values for ending inventory and cost of goods sold relate to ending inventory and cost of goods sold for FIFO and LIFO? Explain why the average cost is not $6
Date Nov. 1 Nov. 10 Nov. 15 Nov. 20 November 1 Nov. 24 Nov. 30 10 15 20 24 30 15 X Inventory 27 units at $88 The business maintains a perpetual inventory system, costing by the first-in, first-out method. Sale a. Determine the cost of the goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Goods Sold Unit Cost column and in the Inventory Unit Cost column. Purchase Sale Sale Purchase 59 units at $81 48 units. 33 units at $84 17 units 18 units. Quantity Purchases Purchases Purchased Unit Cost Total Cost Cost of the Goods Sold Schedule First-in, First-out Method DVD Players Cost of Cost of Quantity Goods Sold Goods Sold Inventory Inventory Inventory Sold Unit Cost Total Cost Quantity Unit Cost Total Cost O UD 000 8 00 00
ventory records for Marvin Company... Inventory records for Marvin Company revealed the following: Mar. 1 Beginning inventory Cont 1,090 $7.14 Mar.10 Purchase 500 7.27 Mar.16 Purchase 850 7.40 Mar.23 Purchase 510 7.68 Marvin sold 2,000 units of inventory during the month. Cost of goods sold assuming calculations and round your final answer to nearest dollar amount. Round weight Multiple Choice $14.280
Suppose that Pharoah has the following inventory data: July 1 Beginning inventory 25 units at $5.00 5 Purchases 101 units at $5.50 14 Sale 67 units 21 Purchases 50 units at $6.00 30 Sale 47 units Assuming that a perpetual inventory system is used, what is the cost of goods sold on a LIFO basis for July? O $650.50 ○ $980.50 O $330.00 O $485.00
Assume that Wally World uses a perpetual weighted average inventory system. During the period, it had two sales. Calculate the average cost per unit on hand as of June 30 when it made its second sale. Jun 1 Beginning Inventory 10 @ $12 Purchase 10 @ $15 Sale units Purchase 10 @ $18 8 units Jun 5 Jun 8 Jun 28 Jun 30 Sale O $10/unit O $15.375/unit O $15/unit O $13.50/unit