College Accounting
13th Edition
ISBN: 9781337280563
Author: Scott, Cathy J.
Publisher: Cengage Learning,
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Chapter 12A, Problem 4P
To determine
Prepare statement of
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A company uses the weighted average method of inventory valuation
under a periodic inventory system. It began the year with a zero
inventory balance. It had the following transactions during the year:
Purchased 65 units at AED 7 per unit
Purchased 130 units at AED 7 per unit
Sold 110 units at AED 11 per unit
Purchased 55 units at AED 8 per unit
Sold 110 units at AED 13.25 per unit
At the end of the year, the company counted the inventory and found 30
units remaining. Calculate the purchases for the year.
Molina Corp. began the period with no units in process or in finished goods
inventory. During the period they began 96,000 units and completed
80,000 units. If equivalent units for the period totaled 90,000 then the
units in the process were what percent complete (rounded)?
a. 62.5%
b. 83.3%
c. 88.9%
d. 75%
e. None of the above
Chapter 12A Solutions
College Accounting
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- The following relates to Widmayer, Inc. in 20XX. Purchases $ 6,38,000 Beginning Inventory 1,25,000 Purchase Returns 18,000 Sales 9,50,000 Cost of Goods Sold 6,10,000 The amount of ending inventory is: a. $340,000 b. $153,000 c. $135,000 d. $92,000 e. $1,085,000arrow_forwardHi expert please give me answer general accountingarrow_forwardAt the beginning of the month, the Forming Department of Martin Manufacturing had 23,000 units in Inventory, 40% complete as to materials, and 20% complete as to conversion. During the month the department started 73,000 units and transferred 81,500 units to the next manufacturing department. At the end of the month, the department had 14,500 units in inventory, 80% complete as to materials and 60% complete as to conversion. If Martin Manufacturing uses the weighted average method of process costing, compute the equivalent units for materials and conversion respectively for the Forming Department. a. 93,100 materials; 90,200 conversion b. 70,100 material; 67,200 conversion c. 68,400 materials; 77,600 conversion d. 83,900 materials; 90,200 conversion e. 83,900 materials; 85,600 conversionarrow_forward
- A process with no beginning work in process, completed and transferred out 75,000 units during a period and had 50,000 units in the ending work in process inventory that were 30% complete. The equivalent units of production for the period were: a. 75,000 equivalent units. b. 125,000 equivalent units. c. 90,000 equivalent units. d. 37,500 equivalent units.arrow_forwardWhat was the average collection period of the receivables in terms of days?arrow_forwardAnswer do fast and step by step calculation with explanation for this general accounting questionarrow_forward
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