The following information was available from the inventory records of Rich Company for January: Unites Unites Cost Total Cost Balance at Jan 1 9k $9.77 $87,930 Purchases: Jan 6 6k $10.30 $61,800 Jan 26 8100 $10.71 $86,751 Sales: Jan 7 (7,500) Jan 31 (11,100) Balance at Jan 31 4,500 Assuming that Rich does not maintain perpetual inventory records, what should be the inventory at January 31, using the weighted-average inventory method, rounded to the nearest dollar? a.) $46,620 b.) $47,270 c.) $46,067 d.) $46,170

The following information was available from the inventory records of Rich Company for January: Unites Unites Cost Total Cost Balance at Jan 1 9k $9.77 $87,930 Purchases: Jan 6 6k $10.30 $61,800 Jan 26 8100 $10.71 $86,751 Sales: Jan 7 (7,500) Jan 31 (11,100) Balance at Jan 31 4,500 Assuming that Rich does not maintain perpetual inventory records, what should be the inventory at January 31, using the weighted-average inventory method, rounded to the nearest dollar? a.) $46,620 b.) $47,270 c.) $46,067 d.) $46,170

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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Required information [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 355 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Units Acquired at Cost @ $ 14.00 = @ $ 13.00 = 215 units 160 units 355 units 730 units @ $ 11.00 = $ 3,010 2,080 3,905 $ 8,995 Units sold at Retail 165 units 190 units 355 units @ @ $23.00 $ 23.00 Record journal entries for Laker Company's sales and purchases transactions. Assume for this assignment that the company uses a perpetual inventory system and FIFO. All sales and purchases are made on account, and no discounts are offered.
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	Unites	Unites Cost	Total Cost
Balance at Jan 1	9k	$9.77	$87,930
Purchases:
Jan 6	6k	$10.30	$61,800
Jan 26	8100	$10.71	$86,751
Sales:
Jan 7	(7,500)
Jan 31	(11,100)
Balance at Jan 31	4,500