Telamark Company uses the moving weighted average method for inventory costing Required: The following incomplete inventory sheet regarding Product W506 is available for the month of March 2023. Complete the invento sheet. (Use the value of the ending inventory as your base number and adjust the COGS $ amount to the required amount to make the Total Goods Available for Sale to the total of the Value of the ending inventory and the COGS total. Negative value should be indicated with minus sign. Round your Intermediate and final answers to 2 decimal places.) Date Units Mar. 1 2347 17 28 Totals Purchases/Transportation-In/ (Purchase Returns/Discounts) 40 Cost/Unit Brought Forward 35 $ 96.00 97.00 Goods Available for Sale Total S Cost of Goods Sold/(Returns to Inventory) Units Cost/Unit 22 (2) 65 43 Goods Sold Total $ Units 60 $ Balance in Inventory Avg Cost/Unit 94.00 $ Ending Inventory Total $ 5,640.00
Telamark Company uses the moving weighted average method for inventory costing Required: The following incomplete inventory sheet regarding Product W506 is available for the month of March 2023. Complete the invento sheet. (Use the value of the ending inventory as your base number and adjust the COGS $ amount to the required amount to make the Total Goods Available for Sale to the total of the Value of the ending inventory and the COGS total. Negative value should be indicated with minus sign. Round your Intermediate and final answers to 2 decimal places.) Date Units Mar. 1 2347 17 28 Totals Purchases/Transportation-In/ (Purchase Returns/Discounts) 40 Cost/Unit Brought Forward 35 $ 96.00 97.00 Goods Available for Sale Total S Cost of Goods Sold/(Returns to Inventory) Units Cost/Unit 22 (2) 65 43 Goods Sold Total $ Units 60 $ Balance in Inventory Avg Cost/Unit 94.00 $ Ending Inventory Total $ 5,640.00
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Telamark Company uses the moving weighted average method for inventory costing.
Required:
The following incomplete inventory sheet regarding Product W506 is available for the month of March 2023. Complete the inventory
sheet. (Use the value of the ending inventory as your base number and adjust the COGS S amount to the required amount to
make the Total Goods Available for Sale to the total of the Value of the ending inventory and the COGS total. Negative value
should be indicated with minus sign. Round your Intermediate and final answers to 2 decimal places.)
Date Units
Mar. 1
23
47
17
28
Totals
Purchases/Transportation-In/
(Purchase Returns/Discounts)
40
Cost/Unit
Brought Forward
35 $
96.00
97.00
Goods Available for Sale
Total $
Cost of Goods Sold/(Returns to
Inventory)
Units Cost/Unit
22
(2)
65
43
Goods Sold
Total $
Units
60 $
Balance in Inventory
Avg
Cost/Unit
Total $
94.00 $ 5,640.00
Ending Inventory
Transcribed Image Text:Note: March 4 reflects a return made by a customer of incorrect items shipped on March 3; these items were returned to
inventory.
Analysis Component:
The gross profit realized on the sale of Product W506 during February 2023 was 36.16%. The selling price was $148 during both
February and March. Calculate the gross profit ratio for Product W506 for March 2023 and determine whether the change is
favourable or unfavourable from February. (Round your intermediate calculations and final answer to 2 decimal places.)
Gross profit ratio
%
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