Question

In: Accounting

The inventory data for an item for November are: Nov. 1 Inventory 20 units at $19...

The inventory data for an item for November are:

Nov. 1 Inventory 20 units at $19
4 Sold 10 units
10 Purchased 30 units at $20
17 Sold 20 units
30 Purchased 10 units at $22

Using a perpetual system, what is the cost of the goods sold for November if the company uses the weighted average cost method?

a. $590

b. $610

c. $585

d. $575

Solutions

Expert Solution

Note

If you have any queries kindly post a comment, i will solve it earliest.

If you satisfied with my answer, kindly give a thumbs up, it will help to encourage me.


Related Solutions

The inventory data for an item for November are: Nov. 1 Inventory 23 units at $24...
The inventory data for an item for November are: Nov. 1 Inventory 23 units at $24 4 Sold 8 units 10 Purchased 34 units at $20 17 Sold 19 units 30 Purchased 21 units at $25 Using a perpetual system, what is the cost of the goods sold for November if the company uses LIFO?
Assume the following data for Kruger Sales for November 2013: Beginning inventory Nov. 15 units at...
Assume the following data for Kruger Sales for November 2013: Beginning inventory Nov. 15 units at $90 each Sale Nov. 33 units Nov. 6 purchase11 units at $95 each Sale Nov. 84 units Sale Nov. 93 units Requirement 1: calculate ending inventory and COGS for Kruger Sales assuming FIFO Requirement 2: calculate ending inventory and COGS for Kruger Sales assuming Weighted Average
The following units of an item were available for sale during the year: Beginning inventory 20...
The following units of an item were available for sale during the year: Beginning inventory 20 units @ $44 Sale 12 units @ $68 First purchase 29 units @ $46 Sale 23 units @ $69 Second purchase 23 units @ $49 Sale 15 units @ $70 The firm uses the perpetual inventory system, and there are 22 units of the item on hand at the end of the year. a. What is the total cost of the ending inventory according...
Beginning inventory, purchases, and sales for Item Gidget are as follows: Sept. 1 Inventory 80 units...
Beginning inventory, purchases, and sales for Item Gidget are as follows: Sept. 1 Inventory 80 units at $175 10 Sale 65 units 18 Purchase 75 units at $180 27 Sale 70 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on September 27 and (b) the inventory on September 30. a. Cost of merchandise sold on September 27 $ b. Inventory on September 30 $
Beginning inventory, purchases, and sales for Item ER27 are as follows: July 1 Inventory 42 units...
Beginning inventory, purchases, and sales for Item ER27 are as follows: July 1 Inventory 42 units @ $22 9 Sale 34 units 13 Purchase 40 units @ $24 28 Sale 16 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on July 28 and (b) the inventory on July 31. a. Cost of merchandise sold on July 28 $ b. Inventory on July 31 Beginning inventory, purchases, and sales...
A company had inventory on November 1 of 5 units at a cost of $16 each....
A company had inventory on November 1 of 5 units at a cost of $16 each. On November 2, they purchased 13 units at $18 each. On November 6 they purchased 9 units at $21 each. On November 8, 11 units were sold for $51 each. Using the LIFO perpetual inventory method, what was the value of the inventory on November 8 after the sale? $278 $272 $283 $315 $294
Bailer Company's record of transactions for the month of November was the following: Purchases: Nov 1....
Bailer Company's record of transactions for the month of November was the following: Purchases: Nov 1. 525 @ $7.00 5 1400 @ $7.20 8 750 @ $7.35 14 1,250 @ $7.42 21 825 @ $7.55 29 610 @ $7.80 Total units sold :  5,360 Sales Nov 6. 550 @ $10 9 1,320 @ $10 10 625 @ 12 22 1,100 @ 12 28 850 @ 13 #1 - Assume periodic inventory records are kept in units only. Compute the inventory on...
The Ivanhoe Shop shows the following data related to an item of inventory: Inventory, January 1...
The Ivanhoe Shop shows the following data related to an item of inventory: Inventory, January 1 310 units @ $6.00 Purchase, January 9 870 units @ $6.50 Purchase, January 19 210 units @ $7.00 Inventory, January 31 310 units What value should be assigned to cost of goods sold using LIFO?
The Ivanhoe Shop shows the following data related to an item of inventory: Inventory, January 1...
The Ivanhoe Shop shows the following data related to an item of inventory: Inventory, January 1 310 units @ $6.00 Purchase, January 9 870 units @ $6.50 Purchase, January 19 210 units @ $7.00 Inventory, January 31 310 units (a) What value should be assigned to the ending inventory using FIFO? Value assigned to the ending inventory $
Data: Date Item Units Cost per unit Dec. 1 Inventory 30 $12 Dec. 10 Purchase 60...
Data: Date Item Units Cost per unit Dec. 1 Inventory 30 $12 Dec. 10 Purchase 60 $13 Dec. 20 Purchase 40 $14 Dec. 12 Sale 40 Dec. 27 Sale 15 Required: (1) Find the ending inventory and the cost of goods sold for December under the periodic inventory system using the following inventory costing methods. (a) average cost (b) FIFO (2) Also find ending inventory and the cost of goods sold for the month of December under the perpetual inventory...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT