Bundle: College Accounting: A Career Approach (with QuickBooks Online), Loose-leaf Version,13th + CengageNOWV2, 1 term (6 months) Printed Access
13th Edition
ISBN: 9781337607773
Author: Cathy J. Scott
Publisher: Cengage Learning
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Chapter 12A, Problem 4P
To determine
Prepare statement of
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The following lots of Commodity Z were available for sale during the year.
Beginning inventory
First purchase
Second purchase
Third purchase
10 units at $30
25 units at $32
30 units at $34
10 units at $35
The firm uses the periodic inventory system, and there are 20 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?
a. $620
b. $659
c. $690
d. $655
Chapter 12A Solutions
Bundle: College Accounting: A Career Approach (with QuickBooks Online), Loose-leaf Version,13th + CengageNOWV2, 1 term (6 months) Printed Access
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- Assume that three identical units of merchandise were purchased during October, as follows: Units Cost Oct. 5 Purchase 1 $ 5 12 Purchase 1 13 28 Purchase 1 15 Total 3 $33 One unit is sold on October 31 for $28. Using the table provided, determine the cost of goods sold using the weighted average cost method. a. $11 b. $17 c. $13 d. $22arrow_forwardBoxwood Company sells blankets for $39 each. The following information was taken from the inventory records during May. The company had no beginning inventory on May 1. Boxwood uses a perpetual inventory system.DateBlanketsUnitsCostMay 3Purchase21$1710Sale8 17Purchase36$1920Sale15 23Sale 30Purchase37$20Determine the gross profit for the sale of May 23 using the FIFO inventory costing method.a. $100b. $221c. $95d.$259arrow_forwardGeneral accounting questionarrow_forward
- Nonearrow_forwardChapter 18 Homework i Saved 15 Exercise 18-14 (Algo) Contribution margin income statement LO C2 1 points eBook Hint Sunn Company manufactures a single product that sells for $190 per unit and whose variable costs are $133 per unit. The company's annual fixed costs are $628,000. The sales manager predicts that next year's annual sales of the company's product will be 39,800 units at a price of $198 per unit. Variable costs are predicted to increase to $138 per unit, but fixed costs will remain at $628,000. What amount of income can the company expect to earn under these predicted changes? Prepare a contribution margin income statement for the next year. SUNN COMPANY Contribution Margin Income Statement Units $ per unit 39,800 $ 198 Ask Sales Variable costs 39,800 Print Contribution margin 39,800 Fixed costs Income References Mc Graw Hill $ 7,880,400 138 5,492,400 2,388,000 628,000 $ 1,760,000 Help Save & Exit Submit Check my workarrow_forwardI want to correct answer general accountingarrow_forward
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