Required information [The following information applies to the questions displayed below.) During the year, a company has the following inventory transactions. Number Unit of Unita 24 Total Cost 624 bate Transaction Cont Jan. 1 Beginning inventory Mar. 4 Purchase Jun. 9 Purchase $26 25 24 725 816 748 29 34 Nov.11 Purchase 34 22 121 $2,913 For the entire year, the company sells 90 units of inventory for $34 each. 3. Using weighted-average cost, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. (Round "Average Cost per unit" to 2 decimal places and all other answers to the nearest whole number.)
Required information [The following information applies to the questions displayed below.) During the year, a company has the following inventory transactions. Number Unit of Unita 24 Total Cost 624 bate Transaction Cont Jan. 1 Beginning inventory Mar. 4 Purchase Jun. 9 Purchase $26 25 24 725 816 748 29 34 Nov.11 Purchase 34 22 121 $2,913 For the entire year, the company sells 90 units of inventory for $34 each. 3. Using weighted-average cost, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. (Round "Average Cost per unit" to 2 decimal places and all other answers to the nearest whole number.)
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter5: Inventories And Cost Of Goods Sold
Section: Chapter Questions
Problem 5.24MCE
Related questions
Topic Video
Question
![Required information
[The following information applies to the questions displayed below.]
During the year, a company has the following inventory transactions.
Number
Unit
Total Cost
of Units
24
Date
Jan. 1 Beginning inventory
Mar. 4 Purchase
Jun. 9 Purchase
Nov.11 Purchase
Transaction
Cont
$ 26
25
$ 624
725
29
34
24
816
34
22
748
121
$2,913
For the entire year, the company sells 90 units of inventory for $34 each.
3. Using weighted-average cost, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. (Round "Average Cost
per unit" to 2 decimal places and all other answers to the nearest whole number.)
Answer is not complete.
Cost of Goods Sold-Weighted
Average Cost
Ending Inventory - Weighted
Average Cost
Cost of Goods Available for Sale
Weighted Average
Cost
Average
Cost
per unit
Cost of
Goods
Avalable
for Sale
W of units
in
Ending
Inventory
of
Average
Cost
per Unit
Cost of
# of
units
units
Sold
Goods
Sold
Average
Cost
per unit
Ending
Inventory
Beginning Inventory
Purchases:
24
%24
624
Mar4
29
725
Jun.9
34
816
Nov.11
34
748
Total
121
2,913
90 Os 24.00 $
2,167
$ 24.00
31
746](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F38d66ef6-2fe1-45ef-8201-665ec23d7f32%2F402b1a06-d661-4a29-9157-da65bceab368%2F48tk64_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
During the year, a company has the following inventory transactions.
Number
Unit
Total Cost
of Units
24
Date
Jan. 1 Beginning inventory
Mar. 4 Purchase
Jun. 9 Purchase
Nov.11 Purchase
Transaction
Cont
$ 26
25
$ 624
725
29
34
24
816
34
22
748
121
$2,913
For the entire year, the company sells 90 units of inventory for $34 each.
3. Using weighted-average cost, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. (Round "Average Cost
per unit" to 2 decimal places and all other answers to the nearest whole number.)
Answer is not complete.
Cost of Goods Sold-Weighted
Average Cost
Ending Inventory - Weighted
Average Cost
Cost of Goods Available for Sale
Weighted Average
Cost
Average
Cost
per unit
Cost of
Goods
Avalable
for Sale
W of units
in
Ending
Inventory
of
Average
Cost
per Unit
Cost of
# of
units
units
Sold
Goods
Sold
Average
Cost
per unit
Ending
Inventory
Beginning Inventory
Purchases:
24
%24
624
Mar4
29
725
Jun.9
34
816
Nov.11
34
748
Total
121
2,913
90 Os 24.00 $
2,167
$ 24.00
31
746
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 3 images
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
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.Recommended textbooks for you
![Financial Accounting: The Impact on Decision Make…](https://www.bartleby.com/isbn_cover_images/9781305654174/9781305654174_smallCoverImage.gif)
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
![Intermediate Accounting: Reporting And Analysis](https://www.bartleby.com/isbn_cover_images/9781337788281/9781337788281_smallCoverImage.jpg)
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
![Cornerstones of Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781337690881/9781337690881_smallCoverImage.gif)
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
![Financial Accounting: The Impact on Decision Make…](https://www.bartleby.com/isbn_cover_images/9781305654174/9781305654174_smallCoverImage.gif)
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
![Intermediate Accounting: Reporting And Analysis](https://www.bartleby.com/isbn_cover_images/9781337788281/9781337788281_smallCoverImage.jpg)
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
![Cornerstones of Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781337690881/9781337690881_smallCoverImage.gif)
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
![Individual Income Taxes](https://www.bartleby.com/isbn_cover_images/9780357109731/9780357109731_smallCoverImage.gif)
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT