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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 $

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 $

FINANCIAL ACCOUNTING
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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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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