Some of the information found on a detailed inventory card for Whispering Winds Stationery Ltd. for May is as follows: Date May 1 (opening balance) 2 7 10 13 18 20 23 26 28 31 No. of Units Received 1,210 1,100 630 1,050 1,360 1,580 Unit Cost $2.90 3.00 3.20 3.30 3.40 3.60 Issued No. of Units 740 520 320 1,100 850 1,350 Balance No. of Units 1,210 2,310 1,570 2,200 1,680 2,410 1,310 2,670 1,820 3,400 2,050 Based on your results in part (a), and assuming that the average selling price per unit during May was $7.25, prepare partial income statements up to the "gross profit on sales" line. (Round answers to O decimal places, e.g. 5,275.)

Some of the information found on a detailed inventory card for Whispering Winds Stationery Ltd. for May is as follows: Date May 1 (opening balance) 2 7 10 13 18 20 23 26 28 31 No. of Units Received 1,210 1,100 630 1,050 1,360 1,580 Unit Cost $2.90 3.00 3.20 3.30 3.40 3.60 Issued No. of Units 740 520 320 1,100 850 1,350 Balance No. of Units 1,210 2,310 1,570 2,200 1,680 2,410 1,310 2,670 1,820 3,400 2,050 Based on your results in part (a), and assuming that the average selling price per unit during May was $7.25, prepare partial income statements up to the "gross profit on sales" line. (Round answers to O decimal places, e.g. 5,275.)

Principles of Accounting Volume 1

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ISBN:9781947172685

Author:OpenStax

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Chapter10: Inventory

Section: Chapter Questions

Problem 4PA: Calculate the cost of goods sold dollar value for A74 Company for the sale on March 11, considering...

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Question

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Some of the information found on a detailed inventory card for Whispering Winds Stationery Ltd. for May is as follows:
Date
May
1 (opening balance)
2
7
10
13
18
20
23
26
28
31
Sales
Cost of Goods Sold
Beginning Inventory
Purchases
Less v: Ending Inventory
Gross Profit/(Loss)
No. of Units
Received
1.210
1,100
630
1,050
1,360
1.580
$
Unit Cost
$
$2.90
3.00
3.20
3.30
3.40
3.60
Issued
No. of Units
740
520
320
1,100
850
1,350
FIFO
$
$
Balance
Based on your results in part (a), and assuming that the average selling price per unit during May was $7.25, prepare partial
income statements up to the "gross profit on sales" line. (Round answers to O decimal places, e.g. 5,275.)
$
No. of Units
Weighted Average
$
1,210
2,310
1,570
2,200
1,680
2,410
1,310
2,670
1,820
3,400
2,050

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Step 1: Define Cost of Goods Sold

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Step 2: Calculation of Closing Inventory Using FIFO

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Step 3: Calculation of Closing Inventory Using Weighted Average

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Step 4: Prepare Partial Income Statement

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