Current Attempt in ProgressSuppose that Sheridan has the following inventory data:July 1Beginning inventory42 units at $197Purchases147 units at $2021 units at $2222 Purchases$7982940O $1400.O $1423.O $1442.O $1358.462$4200The company uses a periodic inventory system. A physical count of merchandise inventory on July 31 reveals thatthere are 70 units on hand. Using the average-cost method, the value of ending inventory is

Average-cost method = In this method of valuation we have to divide the total cost of purchase by…

Suppose that Sheridan has the following inventory data: July 1 Beginning inventory 42 units at $19 Purchases 147 units at $20 22 Purchases 21 units at $22 7 $798 2940 462 $4200 The company uses a periodic inventory system. A physical count of mercha there are 70 units on hand. Using the average-cost method, the value ofer

Suppose that Sheridan has the following inventory data: July 1 Beginning inventory 42 units at $19 Purchases 147 units at $20 22 Purchases 21 units at $22 7 $798 2940 462 $4200 The company uses a periodic inventory system. A physical count of mercha there are 70 units on hand. Using the average-cost method, the value ofer

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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Please make a weighted average- perpetual chart
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Teal Mountain Inc. uses a periodic inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 130 $5 $ 650 12 Purchases 370 6 2,220 23 Purchases 200 7 1,400 30 Inventory 240 Calculate weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted-average unit cost $enter a weighted-average unit cost in dollars eTextbook and Media Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round answers to 0 decimal places, e.g. 125.) FIFO LIFO Average-cost The cost of the ending inventory $enter a dollar amount $enter a dollar amount $enter a dollar amount The cost of goods sold $enter a dollar amount $enter a dollar amount $enter a dollar amount
Suppose that Target Corporation uses the periodic inventory system to account for inventories and has the following information at October 31. October 1 Beginning inventory 400 units $12.00 = $4,800 8 Purchase 800 units @ $12.40 = 9,920 16 Purchase 600 units @ $12.80 = 7,680 24 Purchase 200 units @ $13.60 = 2,720 Total units and cost 2,000 units $25,120 (a) Determine the ending inventory using the FIFO cost assumption if 500 units remain on hand at October 31. Ending inventory $
Skysong, Inc. has the following inventory data: July 1 Beginning inventory 33 units at $16 $528 7 Purchases 115 units at $17 1955 22 Purchases 16 units at $18 288 $2771 A physical count of merchandise inventory on July 30 reveals that there are 41 units on hand. Using the LIFO inventory method, the amount allocated to cost of goods sold for July is
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