For questions 14 - 16 assume the company uses WeightedAverage cost inventory valuation.14. $Calculate ending inventory (WA)15. $Calculate cost of goods sold (WA)16. $Calculate gross profit (WA) Use the following to answer questions 7 – 17During September, KC Company sells 730 mountain bikesfor $1,000 each. The company has the following inventorypurchase transactions:DateTransaction# of Units Unit cost Total Cost1-Sep Beginning Inventory7-Sep19-Sep50$710$35,500Purchase425S715303,875Purchase275$723198,825750S538,2007. $period?What were company's sales for theFor questions 8 - 10 assume the company uses First-in,First-out (FIFO) inventory valuation.Calculate ending inventory (FIFO)Calculate cost of goods sold (FIFO)8. $9. $10. $Calculate gross profit (FIFO)For questions 11 - 13 assume the company uses Last-in,First-out (LIFO) inventory valuation.11. $Calculate ending inventory (LIFO)12. $Calculate cost of goods sold (LIFO)13. $Calculate gross profit (LIFO)For questions 14 - 16 assume the company uses WeightedAverage cost inventory valuation.

Use the following to answer questions 7- 17 During September, KC Company sells 730 mountain bikes for $1,000 each. The company has the following inventory purchase transactions: Date Transaction # of Units Unit cost Total Cost 1-Sep Beginning Inventory 7-Sep 19-Sep 50 $710 $35,500 Purchase 425 $715 303,875 Purchase 275 S723 198,825 750 S538,200 7. What were company's sales for the period? For questions 8 - 10 assume the company uses First-in, First-out (FIFO) inventory valuation. Calculate ending inventory (FIFO) Calculate cost of goods sold (FIFO) 8. $ 9. $

Use the following to answer questions 7- 17 During September, KC Company sells 730 mountain bikes for $1,000 each. The company has the following inventory purchase transactions: Date Transaction # of Units Unit cost Total Cost 1-Sep Beginning Inventory 7-Sep 19-Sep 50 $710 $35,500 Purchase 425 $715 303,875 Purchase 275 S723 198,825 750 S538,200 7. What were company's sales for the period? For questions 8 - 10 assume the company uses First-in, First-out (FIFO) inventory valuation. Calculate ending inventory (FIFO) Calculate cost of goods sold (FIFO) 8. $ 9. $

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 amounts and costs of platters were available for sale by Coulter, Inc. during the year: Beginning inventory 10 units at $164 First purchase 15 units at $220 Second purchase 30 units at $280 Third purchase 25 units at $260 Coulter, Inc., which uses a periodic inventory system, has 35 platters on hand at the end of the year. How much is cost of goods sold in dollars at the end of the year according to the weighted average cost method? Select one: A. $11,160 B. $19,840 C. $7,440 D. $6,930
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