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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You have the following information for Tamarisk, Inc. for the month ended October 31, 2022. Tamarisk uses a periodic method for inventory. Date Description Units Unit Cost or Selling Price Oct. 1 Beginning inventory 60 24 Oct. 9 Purchase 115 26 Oct. 11 Sale 95 45 Oct. 17 Purchase 95 27 Oct. 22 Sale 60 50 Oct. 25 Purchase 70 29 Oct. 29 Sale 105 50 A(3) Calculate gross profit rate under each of the following: 1.LIFO 2.FIFO 3. Average-cost. Gross profit rate - LIFO% - FIFO% AND AVERAGE-COST %
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The inventory records for Radford Company reflected the following Beginning inventory on May 1 First purchase on May 7 Second purchase on May 17 Third purchase on May 23 1,200 units @ $4.00 1,300 units @ $4.20 1,500 units @ $4.30 1,100 units@ $4.40 Sale on May 31 3,900 units @ $5.90 What is the amount of gross margin assuming the weighted average cost flow method is used? (Round your intermediate calculations to 2 dec Multiple Choice $10.920 $17160 $6,513 O $5.850