XCengageNOWv2 | Online teachin X+com/ilm/takeAssignment/takeAssignmentMain.do?invoker-assignments&takeAssignmentSessionLocator assign...eBookShow Me HowWeighted average cost flow method under perpetual inventory systemThe following units of a particular item were available for sale during the calendar year:Jan. 1Inventory9,000 units at $50.00Mar. 18Sale7,000 unitsMay 2Purchase8,000 units at $56.50Aug. 9Sale8,000 unitsOct. 20PurchaseA✩中4,000 units at $60.00The firm uses the weighted average cost method with a perpetual inventory system. Determine the cost of goods sold for each sale and theinventory balance after each sale. Present the data in the form illustrated in Exhibit 5. Round your "Unit Cost" answers to two decimalplaces.Weighted Average Cost Flow MethodGoods SoldCost of Wilm/takeAssignment/takeAssignmentMain.do?invoker-assignments&takeAssignmentSessionLocator assign... AeBookShow Me HowThe following units of a particular item were available for sale during the calendar year:an. 1Inventory9,000 units at $50.00ar. 18Sale7,000 unitsPurchase8,000 units at $56.50A ✩Bay 2g. 9ct. 20SalePurchase8,000 units4,000 units at $60.00e firm uses the weighted average cost method with a perpetual inventory system. Determine the cost of goods sold for each sale and theentory balance after each sale. Present the data in the form illustrated in Exhibit 5. Round your "Unit Cost" answers to two decimalaces.1. 1DatePurchasesQuantityPurchasesPurchasesWeighted Average Cost Flow MethodCost of Goods SoldUnit CostTotal CostQuantityCost of Goods SoldUnit CostCost of Goods STotal Costг. 18y 29. 9t. 20c. 31IBalancesPrevious

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Description: XCengageNOWv2 | Online teachin X+com/ilm/takeAssignment/takeAssignmentMain.do?invoker-assignments&takeAssignmentSessionLocator assign...eBookShow Me HowWeighted average cost flow method under perpetual inventory systemThe following units of a partic

An inventory system is a method or process used by businesses to track and manage their inventory,…

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Weighted average cost flow method under perpetual inventory system The following units of a particular item were available for sale during the calendar year: Jan. 1 9,000 units at $50.00 Inventory Mar. 18 Sale 7,000 units May 2 Purchase 8,000 units at $56.50 Aug. 9 Sale 8,000 units Oct. 20 Purchase 4,000 units at $60.00 The firm uses the weighted average cost method with a perpetual inventory system. Determine the cost of goods sold for each sale and the nventory balance after each sale. Present the data in the form illustrated in Exhibit 5. Round your "Unit Cost" answers to two decimal laces. Weighted Average Cost Flow Method

Weighted average cost flow method under perpetual inventory system The following units of a particular item were available for sale during the calendar year: Jan. 1 9,000 units at $50.00 Inventory Mar. 18 Sale 7,000 units May 2 Purchase 8,000 units at $56.50 Aug. 9 Sale 8,000 units Oct. 20 Purchase 4,000 units at $60.00 The firm uses the weighted average cost method with a perpetual inventory system. Determine the cost of goods sold for each sale and the nventory balance after each sale. Present the data in the form illustrated in Exhibit 5. Round your "Unit Cost" answers to two decimal laces. Weighted Average Cost Flow Method

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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Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for J101 are as follows: Oct. 1 Inventory 480 units at $14 13 Sale 280 units 22 Purchase 600 units at $16 29 Sale 450 units a. Assuming a perpetual inventory system and using the weighted average method, determine the weighted average unit cost after the October 22 purchase. Round your answer to two decimal places. per unit b. Assuming a perpetual inventory system and using the weighted average method, determine the cost of the merchandise sold on October 29. Round your "average unit cost" to two decimal places. c. Assuming a perpetual inventory system and using the weighted average method, determine the inventory on October 31. Round your "average unit cost" to two decimal places.
Co.'s purchases and sales of a particular product during the year are shown below: Jan. 1 Beginning Inventory Jan. 18 Purchase 1,500 units @ $ 10 1,250 units @ $ 12 1,500 units @ $ 20 1,750 units @ $ 14 1,750 units @ $ 25 500 units @ $ 15 Jan 20 Sold Jan. 25 Purchase Jan. 27 Sold Jan. 29 Purchase Assuming that company uses perpetual inventory system, determine the cost of goods sold and compute the ending inventory as of Jan. 31 and make the journal entry for Jan. 27 transaction inventory subsidiary ledger for LIF0 cost flow assumption. by using DATE IN OUT BALANCE Quantity Price Total Quantity Price Total Quantity Price Total Jan 1 Jan 18 Jan 20 Jan 25 Jan 27 Jan 29
The following lots of Commodity Z were available for sale during the year. Line Item Description Units and Cost Beginning inventory 7 units at $47 First purchase 15 units at $53 Second purchase 25 units at $24 Third purchase 15 units at $58 The firm uses the periodic inventory system, and there are 24 units of the commodity on hand at the end of the year. What is the ending inventory balance of Commodity Z using the weighted average cost method? Do not round intermediate
Wildhorse Company uses a periodic inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 130 $4 $520 12 Purchase 520 6 3,120 23 Purchase 325 8 2,600 30 Inventory 305 (a) Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO, (2) LIFO, and (3) average-cost. (For calculation purposes, round average cost per unit to 2 decimal places, e.g. 5.25. Round answers to O decimal places, eg. 125.) FIFO Cost of the ending inventory $ Cost of goods sold $ $ $ LIFO Average-Cost $ $
Sandhill Company uses a perpetual inventory system and reports the following for the month of June. Date June 1 (a1) 12 23 30 June 1 June 12 June 15 Explanation Units Inventory June 23 Purchase Purchase Inventory $ $ $ LA 120 380 210 265 Unit Cost Calculate the weighted-average cost per unit, using a perpetual inventory system. Assume a sale of 400 units occurred on June 15 for a selling price of $8 and a sale of 45 units on June 27 for $9. (Round intermediate calculations to O decimal places, e.g. 152 and final answers to 3 decimal places, e.g. 5.125.) $5 6 7 Total Cost $600 2,280 1,470
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Inventory Costing Methods and the Perpetual MethodKay & Company experienced the following events in March: Date Event Units Unit Cost Total Cost Mar. 1 Purchased inventory 100 @ $16 $1,600 Mar. 3 Sold inventory 60 Mar. 15 Purchased inventory 100 @ 18 $1,800 Mar. 20 Sold inventory 40 Assume the perpetual inventory system is used. Use the weighted-average inventory costing method to calculate the company’s cost of goods sold and ending inventory as of March 31. Round weighted-average cost per unit to two decimal places. Use rounded answer for subsequent calculations. Round all other answers to the nearest dollar. March 3 Cost of goods sold Answer March 20 Weighted-average cost per unit Answer Cost of goods sold Answer March 31 Total cost of goods sold Answer Ending inventory Answer
Calculate the cost of goods sold dollar value for B65 Company for the month, considering the following transactions under first-in, first-out (FIFO) cost allocation methods and using perpetual inventory. Beginning inventory Purchased Sold Sold Ending inventory $6,000 $0 $4,950 $3,000 Number of Units 100 80 50 25 105 Unit Cost $66 75. Sales $120 125
Weighted average cost flow method under perpetual inventory system The following units of a particular item were available for sale during the calendar year: Date Line Item Description Units and Cost Jan. 1 Inventory 9,000 units at $50.00 Mar. 18 Sale 7,000 units May 2 Purchase 8,000 units at $56.50 Aug. 9 Sale 8,000 units Oct. 20 Purchase 4,000 units at $60.00 The firm uses the weighted average cost method with a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale. Present the data in the form illustrated in Exhibit 5. Round your "Unit Cost" answers to two decimal places. Weighted Average Cost Flow Method Date PurchasesQuantity PurchasesUnit Cost PurchasesTotal Cost Cost of Goods SoldQuantity Cost of Goods SoldUnit Cost Cost of Goods SoldTotal Cost InventoryQuantity InventoryUnit Cost InventoryTotal Cost Jan. 1 fill in the blank 1 fill in the blank 2 fill in the blank 3 Mar. 18…