The following transactions occurred for the month of May. Units Cost Total Sales Price Date 1-May Beginning Balance 80 10 $800 2-May Purchase 65 14 $910 3-May Purchase 85 12 $1,020 10-May Sale 120 15-May Purchase 17-May Sale 30-May Sale 35 15 45 75 $525 $35 $35 $35 Calculate the Cost of Goods Sold, Ending inventory, and Gross Profit for the month under Weighted Averages. Do not round the unit cost. Do round total costs to the nearest cent on each transaction. End of the month totals Cost of Goods Sold $ Ending Inventory $ Gross Profit $

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter10: Inventory
Section: Chapter Questions
Problem 6EA: Akira Company had the following transactions for the month. Calculate the gross margin for the...
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The following transactions occurred for the month of May.
Units Cost Total Sales Price
$800
14 $910
12 $1,020
Date
1-May Beginning Balance 80 10
2-May Purchase
65
3-May Purchase
85
10-May Sale
15-May Purchase
17-May Sale
30-May Sale
120
35 45 75
15 $525
$35
$35
$35
Calculate the Cost of Goods Sold, Ending inventory, and Gross Profit for the month
under Weighted Averages. Do not round the unit cost. Do round total costs to the
nearest cent on each transaction.
End of the month totals
Cost of Goods Sold $
Ending Inventory
Gross Profit
Transcribed Image Text:The following transactions occurred for the month of May. Units Cost Total Sales Price $800 14 $910 12 $1,020 Date 1-May Beginning Balance 80 10 2-May Purchase 65 3-May Purchase 85 10-May Sale 15-May Purchase 17-May Sale 30-May Sale 120 35 45 75 15 $525 $35 $35 $35 Calculate the Cost of Goods Sold, Ending inventory, and Gross Profit for the month under Weighted Averages. Do not round the unit cost. Do round total costs to the nearest cent on each transaction. End of the month totals Cost of Goods Sold $ Ending Inventory Gross Profit
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