Bean Nursery sells bark to its customers at retail. Bean buys bark from a plywood mill in bulk and transports the bark in its own trucks. Information relating to the beginning inventory and purchases of bark is as follows: Required Find the cost of 1,200 cubic yards in the ending inventory by the weighted-average-cost method. Carry average cost per cubic yard to four decimals. Check Figure Cost of ending inventory, $519.24

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Answer 1

Textbook Question

Chapter C, Problem 1P

Bean Nursery sells bark to its customers at retail. Bean buys bark from a plywood mill in bulk and transports the bark in its own trucks. Information relating to the beginning inventory and purchases of bark is as follows:

Chapter C, Problem 1P, Bean Nursery sells bark to its customers at retail. Bean buys bark from a plywood mill in bulk and

Required

Find the cost of 1,200 cubic yards in the ending inventory by the weighted-average-cost method. Carry average cost per cubic yard to four decimals.

Check Figure

Cost of ending inventory, $519.24

Expert Solution & Answer

To determine

Compute the cost of ending inventory using weighted-average-cost method.

Explanation of Solution

Weighted-average cost method: Under average cost method, company calculates a new average after every purchase. It is determined by dividing the cost of goods available for sale by the units on hand.

Compute the cost of ending inventory of 1,200 cubic yards using weighted-average-cost method.

College Accounting: A Career Approach (with Quickbooks Accountant 2015 Cd-rom), Chapter C, Problem 1P

Table (1)

Conclusion

Thus, the cost of 1,200 cubic yards using weighted-average-cost is $519.24.

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Students have asked these similar questions

Sarasota Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2017, consists of products D, E, F, G, H, and I. Relevant per unit data for these products appear below. Item Item D E Item F Item Item Item I G H Estimated selling $ 130 $119 $103 $ 97 $ 119 $ 97 price Cost 81 86 86 86 54 39 Cost to complete 32 32 27 38 32 32 Selling costs 11 19 11 22 11 22 Using the LCNRV rule, determine the proper unit value for balance sheet reporting purposes at December 31, 2017, for each of the inventory items above. Item D $_ Item E SASS $_ Item F $ Item G $_ Item H $_ Item I $

Given correct option general accounting

The cost of unsold inventory at the end of the year is classified as a(n) in the A. assets; balance sheet B. expense; income statement C. liability; balance sheet D. revenue; income statement

Answer 2

Textbook Question

Chapter C, Problem 1P

Bean Nursery sells bark to its customers at retail. Bean buys bark from a plywood mill in bulk and transports the bark in its own trucks. Information relating to the beginning inventory and purchases of bark is as follows:

Chapter C, Problem 1P, Bean Nursery sells bark to its customers at retail. Bean buys bark from a plywood mill in bulk and

Required

Find the cost of 1,200 cubic yards in the ending inventory by the weighted-average-cost method. Carry average cost per cubic yard to four decimals.

Check Figure

Cost of ending inventory, $519.24

Expert Solution & Answer

To determine

Compute the cost of ending inventory using weighted-average-cost method.

Explanation of Solution

Weighted-average cost method: Under average cost method, company calculates a new average after every purchase. It is determined by dividing the cost of goods available for sale by the units on hand.

Compute the cost of ending inventory of 1,200 cubic yards using weighted-average-cost method.

College Accounting: A Career Approach (with Quickbooks Accountant 2015 Cd-rom), Chapter C, Problem 1P

Table (1)

Conclusion

Thus, the cost of 1,200 cubic yards using weighted-average-cost is $519.24.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Textbook Question

Chapter C, Problem 1P

Bean Nursery sells bark to its customers at retail. Bean buys bark from a plywood mill in bulk and transports the bark in its own trucks. Information relating to the beginning inventory and purchases of bark is as follows:

Chapter C, Problem 1P, Bean Nursery sells bark to its customers at retail. Bean buys bark from a plywood mill in bulk and

Required

Find the cost of 1,200 cubic yards in the ending inventory by the weighted-average-cost method. Carry average cost per cubic yard to four decimals.

Check Figure

Cost of ending inventory, $519.24

Expert Solution & Answer

To determine

Compute the cost of ending inventory using weighted-average-cost method.

Explanation of Solution

Weighted-average cost method: Under average cost method, company calculates a new average after every purchase. It is determined by dividing the cost of goods available for sale by the units on hand.

Compute the cost of ending inventory of 1,200 cubic yards using weighted-average-cost method.

College Accounting: A Career Approach (with Quickbooks Accountant 2015 Cd-rom), Chapter C, Problem 1P

Table (1)

Conclusion

Thus, the cost of 1,200 cubic yards using weighted-average-cost is $519.24.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Textbook Question

Chapter C, Problem 1P

Bean Nursery sells bark to its customers at retail. Bean buys bark from a plywood mill in bulk and transports the bark in its own trucks. Information relating to the beginning inventory and purchases of bark is as follows:

Chapter C, Problem 1P, Bean Nursery sells bark to its customers at retail. Bean buys bark from a plywood mill in bulk and

Required

Find the cost of 1,200 cubic yards in the ending inventory by the weighted-average-cost method. Carry average cost per cubic yard to four decimals.

Check Figure

Cost of ending inventory, $519.24

Expert Solution & Answer

To determine

Compute the cost of ending inventory using weighted-average-cost method.

Explanation of Solution

Weighted-average cost method: Under average cost method, company calculates a new average after every purchase. It is determined by dividing the cost of goods available for sale by the units on hand.

Compute the cost of ending inventory of 1,200 cubic yards using weighted-average-cost method.

College Accounting: A Career Approach (with Quickbooks Accountant 2015 Cd-rom), Chapter C, Problem 1P

Table (1)

Conclusion

Thus, the cost of 1,200 cubic yards using weighted-average-cost is $519.24.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Textbook Question

Answer 6

Textbook Question

Answer 7

Expert Solution & Answer

To determine

Compute the cost of ending inventory using weighted-average-cost method.

Explanation of Solution

Weighted-average cost method: Under average cost method, company calculates a new average after every purchase. It is determined by dividing the cost of goods available for sale by the units on hand.

Compute the cost of ending inventory of 1,200 cubic yards using weighted-average-cost method.

College Accounting: A Career Approach (with Quickbooks Accountant 2015 Cd-rom), Chapter C, Problem 1P

Table (1)

Conclusion

Thus, the cost of 1,200 cubic yards using weighted-average-cost is $519.24.

Answer 8

Expert Solution & Answer

To determine

Compute the cost of ending inventory using weighted-average-cost method.

Explanation of Solution

Weighted-average cost method: Under average cost method, company calculates a new average after every purchase. It is determined by dividing the cost of goods available for sale by the units on hand.

Compute the cost of ending inventory of 1,200 cubic yards using weighted-average-cost method.

College Accounting: A Career Approach (with Quickbooks Accountant 2015 Cd-rom), Chapter C, Problem 1P

Table (1)

Conclusion

Thus, the cost of 1,200 cubic yards using weighted-average-cost is $519.24.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

To determine

Compute the cost of ending inventory using weighted-average-cost method.

Answer 12

Explanation of Solution

Weighted-average cost method: Under average cost method, company calculates a new average after every purchase. It is determined by dividing the cost of goods available for sale by the units on hand.

Compute the cost of ending inventory of 1,200 cubic yards using weighted-average-cost method.

College Accounting: A Career Approach (with Quickbooks Accountant 2015 Cd-rom), Chapter C, Problem 1P

Table (1)