The following information is provided by Ivory Co. for the month of July: Date Units Unit Cost July 1 Beginning inventory 420 $16 18 Purchase 500 24 25 Purchase 390 34 Total 1,310 $74 Ivory sold 640 units in July. Calculate the cost of goods sold and the ending inventory for the month of July using the weighted average cost method. Round Weighted Average Cost per Unit to nearest dollar. a. Cost of goods sold is $15,360, and ending inventory is $16,080. b. Cost of goods sold is $6,582, and ending inventory is $26,799. c. Cost of goods sold is $7,021, and ending inventory is $26, 263. d. Cost of goods sold is $16,676, and ending inventory is $14,472.
The following information is provided by Ivory Co. for the month of July: Date Units Unit Cost July 1 Beginning inventory 420 $16 18 Purchase 500 24 25 Purchase 390 34 Total 1,310 $74 Ivory sold 640 units in July. Calculate the cost of goods sold and the ending inventory for the month of July using the weighted average cost method. Round Weighted Average Cost per Unit to nearest dollar. a. Cost of goods sold is $15,360, and ending inventory is $16,080. b. Cost of goods sold is $6,582, and ending inventory is $26,799. c. Cost of goods sold is $7,021, and ending inventory is $26, 263. d. Cost of goods sold is $16,676, and ending inventory is $14,472.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
not use ai please
Transcribed Image Text:The following information is provided by Ivory Co. for the month of July:
Date Units Unit Cost
July 1 Beginning inventory 420 $16
18 Purchase 500 24
25 Purchase 390 34
Total 1,310 $74
Ivory sold 640 units in July.
Calculate the cost of goods sold and the ending inventory for the month of July using the weighted average cost method. Round
Weighted Average Cost per Unit to nearest dollar.
a. Cost of goods sold is $15,360, and ending inventory is $16,080.
b. Cost of goods sold is $6,582, and ending inventory is $26,799.
c. Cost of goods sold is $7,021, and ending inventory is $26, 263.
d. Cost of goods sold is $16,676, and ending inventory is $14,472.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 2 images
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education