Sarasota Corporation uses a perpetual inventory system. On November 19, the company sold 610 units. Thefollowing additional information is available:Nov. 1 inventoryNov. 15 purchaseNov. 23 purchase(a)Cost of goods soldUnits330Ending inventory4303901,150$Unit Costta$111516Total CostCalculate the November 30 inventory and the November cost of goods sold, using the moving-averagecost formula. (Round unit cost to 2 decimal places, e.g. 52.75 and final answers to O decimal places. e.g.5,275.)$3,6306,4506,240$16,320

Name: Sarasota Corporation uses a perpetual inventory system. On November 1
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Description: Sarasota Corporation uses a perpetual inventory system. On November 19, the company sold 610 units. Thefollowing additional information is available:Nov. 1 inventoryNov. 15 purchaseNov. 23 purchase(a)Cost of goods soldUnits330Ending inventory4303901

Calculating the November cost of goods sold and inventory balance using moving average as follows :…

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Sarasota Corporation uses a perpetual inventory system. On November 19, the company sold 610 units. The following additional information is available: Nov. 1 inventory Nov. 15 purchase Nov. 23 purchase (a) Units 330 430 390 1,150 Unit Cost $11 15 16 Total Cost $3,630 6,450 6,240 $16,320 Calculate the November 30 inventory and the November cost of goods sold, using the moving-average cost formula. (Round unit cost to 2 decimal places, e.g. 52.75 and final answers to O decimal places. e.g. 5,275.)

Sarasota Corporation uses a perpetual inventory system. On November 19, the company sold 610 units. The following additional information is available: Nov. 1 inventory Nov. 15 purchase Nov. 23 purchase (a) Units 330 430 390 1,150 Unit Cost $11 15 16 Total Cost $3,630 6,450 6,240 $16,320 Calculate the November 30 inventory and the November cost of goods sold, using the moving-average cost formula. (Round unit cost to 2 decimal places, e.g. 52.75 and final answers to O decimal places. e.g. 5,275.)

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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Calculate the November 30 Inventory and the November Cost of goods sold using the FIFO cost formula Sarasota Corporation uses a perpetual inventory system. On November 19, the company sold 610 units. The following additional information is available: Nov. 1 inventory Nov. 15 purchase Nov. 23 purchase Units 330 430 390 1,150 Unit Cost $11 15 16 Total Cost $3,630 6,450 6,240 $16,320
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