The following are the transactions for the month of July. July 1 July 13 July 25 July 31 Beginning Inventory Purchase. Sold Ending Inventory Required B Weighted Average. (Periodic) Beginning Inventory Purchases Units 50 250 (100) 200 Goods Available for Sale Cost of Goods Sold Ending Inventory Required: a. Calculate cost of goods available for sale and ending inventory under weighted average cost. Assume a periodic invento is used. b. Calculate sales, cost of goods sold, and gross profit, under weighted average cost. Assume a periodic inventory system Units Complete this question by entering your answers in the tabs below. Required A Calculate cost of goods available for sale and ending inventory under weighted average cost. Assume a periodic inventory system is used. (Round "Cost per Unit" to 2 decimal places.) Cost per Unit 50 $ 250 $ Unit Cost $ 10 100 $ 12.50 13 < Required A Unit Selling Price: 10.00 $ 500 13.00 $ 3,250 3,750 1,250 2,500 $ $15 Total Required B >
The following are the transactions for the month of July. July 1 July 13 July 25 July 31 Beginning Inventory Purchase. Sold Ending Inventory Required B Weighted Average. (Periodic) Beginning Inventory Purchases Units 50 250 (100) 200 Goods Available for Sale Cost of Goods Sold Ending Inventory Required: a. Calculate cost of goods available for sale and ending inventory under weighted average cost. Assume a periodic invento is used. b. Calculate sales, cost of goods sold, and gross profit, under weighted average cost. Assume a periodic inventory system Units Complete this question by entering your answers in the tabs below. Required A Calculate cost of goods available for sale and ending inventory under weighted average cost. Assume a periodic inventory system is used. (Round "Cost per Unit" to 2 decimal places.) Cost per Unit 50 $ 250 $ Unit Cost $ 10 100 $ 12.50 13 < Required A Unit Selling Price: 10.00 $ 500 13.00 $ 3,250 3,750 1,250 2,500 $ $15 Total Required B >
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Economic
All the work on A. is correct. All the chegg answers I found on here were wrong for Part B.
The$1,500 is correct, BUT, the numbers underneath it are incorrect. All answers on chegg were wrong so please do not correlate your answer with someone elses.
The answers for cost of goods sold are NOT 1400, 1100, 1083, or 1500, 1,300 etc so pick a different number & let's hope it is right. If I give a thumbs down you got it wrong. The answers for Gross Profit are NOT 300, 317, 200.
Transcribed Image Text:The following are the transactions for the month of July.
July 1
July 13
July 25
July 31
Beginning Inventory
Purchase.
Sold
Ending Inventory
Weighted Average (Periodic)
Beginning Inventory
Purchases
Units
50
250
(100)
200
Goods Available for Sale
Cost of Goods Sold
Ending Inventory
Required:
a. Calculate cost of goods available for sale and ending inventory under weighted average cost. Assume a periodic inventor
is used.
b. Calculate sales, cost of goods sold, and gross profit, under weighted average cost. Assume a periodic inventory system is
Units
Complete this question by entering your answers in the tabs below.
Required A
Required B
Calculate cost of goods available for sale and ending inventory under weighted average cost. Assume a periodic inventory
system is used. (Round "Cost per Unit" to 2 decimal places.)
Cost per
Unit
50
$
250 $
Unit
Cost
$ 10
10.00 $
13.00 $
100 $ 12.50
13
< Required A
Unit Selling
Price
$
Total
$15
500
3,250
3,750
1,250
2,500
Required B >
Transcribed Image Text:The following are the transactions for the month of July.
Unit
Cost
$ 10
13
July 1
July 131
July 25
July 31
Beginning Inventory
Purchase
Sold
Ending Inventory
Required:
a. Calculate cost of goods available for sale and ending inventory under weighted average cost. Assume a periodic inventory system
is used.
b. Calculate sales, cost of goods sold, and gross profit, under weighted average cost. Assume a periodic inventory system is used.
Weighted Average (Periodic)
Sales
Cost of Goods Sold
Gross Profit
Units
50
250
(100)
200
$
Complete this question by entering your answers in the tabs below.
$
Unit Selling
Price
Required A Required B
Calculate sales, cost of goods sold, and gross profit, under weighted average cost. Assume a periodic Inventory system is
used. (Round "Cost per Unit" to 2 decimal places and your final answers to the nearest whole dollar amount.)
$ 15
Answer is complete but not entirely correct.
1,500
1,300
317
< Required A
Required B >
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