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 Inventory 9,000 units at $50.00 Mar. 18 Sale 7,000 units May 2 Aug. 9 Oct. 20 Purchase Sale Purchase 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. 8,000 units at $56.50 8,000 units 4,000 units at $60.00 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 Inventory 9,000 units at $50.00 Mar. 18 Sale 7,000 units May 2 Aug. 9 Oct. 20 Purchase Sale Purchase 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. 8,000 units at $56.50 8,000 units 4,000 units at $60.00 Weighted Average Cost Flow Method

Name: Weighted average cost flow method under perpetual inventory systemThe
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Weighted 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 $56.50A

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

4. EX.07.09 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 Inventory 4,000 units at $20 Apr. 19 Sale 2,500 units June 30 Purchase 6,000 units at $24 Sept. 2 Sale 4,500 units Nov. 15 Purchase 1,000 units at $25 The firm uses the weighted average cost method with a perpetual inventory system. Determine the cost of merchandise sold for each sale and the inventory balance after each sale. Present the data in the form illustrated in Exhibit 5. Round unit cost to two decimal places, if necessary. Schedule of Cost of Merchandise Sold Weighted Average Cost Flow Method Purchases Cost of Merchandise Sold Inventory Date Quantity Unit CostTotal CostQuantityUnit CostTotal CostQuantity Unit CostTotal Cost Jan. 1 2$ $ Apr. 19 $ $ June 30 $ $ Sept. 2 Nov. 15 Dec. 31 Balances 2$ $ $
Required information [The following information applies to the questions displayed below.] The following are the transactions for the month of July. Unit Selling Units Unit Cost Price $ 10 July 1 July 13 July 25 Beginning Inventory 41 Purchase 205 12 Sold (100) $ 16 July 31 Ending Inventory 146 Required: a. Calculate cost of goods available for sale and ending inventory under FIFO. Assume a periodic inventory system is used. b. Calculate sales, cost of goods sold, and gross profit, under FIFO. Assume a periodic inventory system is used. Complete this question by entering your answers in the tabs below. Required A Required B Calculate cost of goods available for sale and ending inventory under FIFO. Assume a periodic inventory system is used. Cost per FIFO (Periodic). Units Total Unit Beginning Inventory Purchases מ 4 . ו. .!
Weighted average cost flow method under perptual inventory system. The following units of a particular item were availabe for sale during the calendar year. Jan. 1 Inventory 4,000 units at $20 April 19 Sale 2,500 units June 30 Purchase 6,000 units at $24 Sept. 2 Sale 4,500 units Nov. 15 Purchase 1,000 units at $25 Instructions: The firm uses the weighted averaghe cost method with a perpetual inventory system. Determine the cost of merchandise sold for each sale and the inventory balance after each sale. (chapter 7 question EX 7-9 page 380- immediate accounting I textbook)
Perpetual Inventory Using LIFO The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 3,800 units at $41 Apr. 19 Sale 2,600 units June 30 Purchase 4,400 units at $44 Sept. 2 Sale 5,000 units Nov. 15 Purchase 2,100 units at $47 The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the last-in, first-out method. Present the data in the form illustrated in Exhibit 4. Under LIFO, if units are in inventory at two or more different costs, enter the units with the LOWER unit cost first in the Inventory Unit Cost column. Schedule of Cost of Goods SoldLIFO Method Purchases Cost of Goods Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Jan. 1 fill in the blank 1 $fill in the blank 2 $fill in the blank 3 Apr. 19 fill in the blank 4 $fill in the…
need answer
Periodic inventory by three methods; cost of goods sold The units of an item available for sale during the year were as follows: Jan. 1 Inventory 30 units at $102 Mar. 10 Purchase 40 units at $112 Aug. 30 Purchase 20 units at $120 Dec. 12 Purchase 110 units at $126 There are 60 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the ending inventory cost and the cost of goods sold by three methods. Round interim calculations to one decimal and final answers to the nearest whole dollar. Cost of Ending Inventory and Cost of Goods Sold Inventory Method Ending Inventory Cost of Goods Sold First-in, first-out (FIFO) $fill in the blank 1 $fill in the blank 2 Last-in, first-out (LIFO) fill in the blank 3 fill in the blank 4 Weighted average cost fill in the blank 5 fill in the blank 6
Periodic inventory by three methods; cost of goods sold The units of an item available for sale during the year were as follows: Jan. 1 Inventory 30 units at $94 Mar. 10 Purchase 70 units at $102 Aug. 30 Purchase 30 units at $106 Dec. 12 Purchase 70 units at $112 There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the ending inventory cost and the cost of goods sold by three methods. In your calculations round average unit cost to the nearest cent, and round all other calculations and your final answers to the nearest dollar. Cost of Ending Inventory and Cost of Goods Sold Inventory Method Ending Inventory Cost of Goods Sold First-in, first-out (FIFO) $ 16,394.4 X Last-in, first-out (LIFO) Weighted average cost Feedback
LIFO (perpetual) Inventory Cost of Goods Purchased Cost of Goods Sold Cost of Inventory Remaining Numberof units Unit Cost Total Cost Numberof units Unit Cost Total Cost Numberof units Unit Cost
FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 21 units at $41 10 units at $64 36 units at $43 34 units at $65 Second purchase 25 units at $46 Sale 20 units at $66 The firm uses the perpetual inventory system, and there are 18 units of the item on hand at the end of the year. Sale First purchase Sale a. What is the total cost of the ending inventory according to FIFO? X b. What is the total cost of the ending inventory according to LIFO?
Periodic inventory by three methods; cost of goods sold The units of an item available for sale during the year were as follows: Jan. 1 Inventory 40 units at $100 Mar. 10 Purchase 60 units at $108 Aug. 30 Purchase 30 units at $114 Dec. 12 Purchase 70 units at $118 There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the ending inventory cost and the cost of goods sold by three methods. Round interim calculations to one decimal and final answers to the nearest whole dollar. Cost of Ending Inventory and Cost of Goods Sold Inventory Method Ending Inventory Cost of Goods Sold First-in, first-out (FIFO) Last-in, first-out (LIFO) Weighted average cost
FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 30 units at $43 Sale 21 units at $65 First purchase. 16 units at $46 Sale 13 units at $65 Second purchase 20 units at $47 Sale 17 units at $67 The firm uses the perpetual inventory system, and there are 15 units of the item on hand at the end of the year. a. What is the total cost of the ending inventory according to FIFO? b. What is the total cost of the ending inventory according to LIFO?
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 Inventory 9,000 units at $50.00 Mar. 18 7,000 units May 2 8,000 units at $56.50 Aug. 9 8,000 units Oct. 20 4,000 units at $60.00 Date Jan. 1 Mar. 18 Sale 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. May 2 Aug. 9 Oct. 20 Dec. 31 Purchase Sale Purchase Purchases Quantity Balances 8,000 4,000 Purchases Unit Cost 56.50 60 Purchases Total Cost 452,000 240,000 Weighted Average Cost Flow Method Cost of Goods Sold Unit Cost Cost of Goods Sold Quantity 7,000 8,000 50 Cost of Goods Sold Total Cost 350,000 10 Inventory Quantity 9,000 2,000 10,000 Inventory Unit Cost 50 50 Inventory Total Cost 450,000…