Varsity Furniture began June with merchandise inventory of 41 sofas that cost a total of $29,110. During the month, the company purchased and sold merchandise on account as follows: June 7 June 14 June 18 June 27 Purchase Sale Purchase Sale 26 sofas $780 each 24 sofas $1,300 each 58 sofas $800 each 37 sofas $1,400 each Prepare a perpetual inventory record, using the weighted-average inventory costing method, and determine the company's Cost of Goods Sold, ending merchandise inventory, and gross profit. (Round weighted-average cost per unit to the nearest cent and all other amounts to the nearest dollar.) C Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of inventory purchased, sold, and on hand at the end of the period. Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost June 1 June 7 41 710 29110 26 780 20280 June 14 June 18 58 800 46400 June 27 Totals The gross profit is

Varsity Furniture began June with merchandise inventory of 41 sofas that cost a total of $29,110. During the month, the company purchased and sold merchandise on account as follows: June 7 June 14 June 18 June 27 Purchase Sale Purchase Sale 26 sofas $780 each 24 sofas $1,300 each 58 sofas $800 each 37 sofas $1,400 each Prepare a perpetual inventory record, using the weighted-average inventory costing method, and determine the company's Cost of Goods Sold, ending merchandise inventory, and gross profit. (Round weighted-average cost per unit to the nearest cent and all other amounts to the nearest dollar.) C Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of inventory purchased, sold, and on hand at the end of the period. Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost June 1 June 7 41 710 29110 26 780 20280 June 14 June 18 58 800 46400 June 27 Totals The gross profit is

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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