The following are the transactions for the month of July.UnitsJuly 1July 13Beginning InventoryPurchaseJuly 25July 31Sold50250(100)UnitCost$ 10UnitSellingPrice13$ 15Ending Inventory200Required:a. Calculate cost of goods available for sale and ending inventory under weighted average cost. Assume a periodic inventory systemis used.b. Calculate sales, cost of goods sold, and gross profit, under weighted average cost. Assume a periodic inventory system is used.Answer is complete but not entirely correct.Complete this question by entering your answers in the tabs below.Required A Required BCalculate cost of goods available for sale and ending inventory under weighted average cost. Assume a periodic inventorysystem is used. (Round "Cost per Unit" to 2 decimal places.)Weighted Average (Periodic)UnitsCostper UnitTotalBeginning Inventory50$ 10.00$500Purchases250$ 13.00$3,250Goods Available for Sale3,750Cost of Goods Sold100 S0.00 X0

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Description: The following are the transactions for the month of July.UnitsJuly 1July 13Beginning InventoryPurchaseJuly 25July 31Sold50250(100)UnitCost$ 10UnitSellingPrice13$ 15Ending Inventory200Required:a. Calculate cost of goods available for sale and ending

The gross profit is calculated as the difference between the sales and cost of goods sold. The net…

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The following are the transactions for the month of July. Unit Unit Units Cost Selling Price July 1 Beginning Inventory 50 $ 10 July 13 Purchase 250 13 July 25 July 31 Sold (100) $ 15 Ending Inventory 200 equired: Calculate cost of goods available for sale and ending inventory under weighted average cost. Assume a periodic inventory system s used. . Calculate sales, cost of goods sold, and gross profit, under weighted average cost. Assume a periodic inventory system is used.

The following are the transactions for the month of July. Unit Unit Units Cost Selling Price July 1 Beginning Inventory 50 $ 10 July 13 Purchase 250 13 July 25 July 31 Sold (100) $ 15 Ending Inventory 200 equired: Calculate cost of goods available for sale and ending inventory under weighted average cost. Assume a periodic inventory system s used. . Calculate sales, cost of goods sold, and gross profit, under weighted average cost. Assume a periodic inventory system is used.

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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Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIF0); (b) last-in, (c) weighted average cost method.
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Subject: acounting
1. Compute the cost of the ending inventory under the FIFO method. Round the cost-to-retail ratio to three decimal places and the final answers to the nearest dollar.
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Required information [The following information applies to the questions displayed below.] The following are the transactions for the month of July. Unit Selling Units Unit Cost Price $ 10 July 1 July 13 July 25 Beginning Inventory 41 Purchase 205 12 Sold (100) $ 16 July 31 Ending Inventory 146 Required: a. Calculate cost of goods available for sale and ending inventory under FIFO. Assume a periodic inventory system is used. b. Calculate sales, cost of goods sold, and gross profit, under FIFO. Assume a periodic inventory system is used. 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 FIFO. Assume a periodic inventory system is used. Cost per FIFO (Periodic). Units Total Unit Beginning Inventory Purchases מ 4 . ו. .!
In chronological order, the inventory, purchases, and sales of a single product for a recent month are as follows (see attached). 1.Using the periodic inventory system, compute the cost of ending inventory, cost of goods sold, and gross margin. Use the average-cost, FIFO, and LIFO inventory costing methods. (Round unit costs to cents and totals to dollar.) 2.Explain the differences in gross margin produced by the three methods.
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Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory 23 units @ $11 5 Sale 11 units 17 Purchase 24 units @ $12 30 Sale 18 units Assuming a perpetual inventory system and the last-in, first-out method: a. Determine the cost of the goods sold for the September 30 sale. b. Determine the inventory on September 30.
What is the Weighted average cost per unit?
Required information [The following information applies to the questions displayed below.] The following are the transactions for the month of July. Unit Selling July 1 July 13 July 25 July 31 Beginning Inventory Purchase Units 43 Unit Cost $ 10 Price 215 11 Sold Ending Inventory (100) 158 $ 14 Required: a. Calculate cost of goods available for sale and ending inventory under FIFO. Assume a periodic inventory system is used. b. Calculate sales, cost of goods sold, and gross profit, under FIFO. Assume a periodic inventory system is used. 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 FIFO. Assume a periodic inventory system is used. FIFO (Periodic) Beginning Inventory Units Cost per Unit Total 43 $ 10 $ 430 Purchases July 13 Goods Available for Sale 215 $ 11 $ 2,365 $ 258 Cost of Goods Sold Units from Beginning Inventory 43 $ 10 Units from July 13 Purchase $ 11 Total Cost of…
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