During January, a company that uses a perpetual inventory system had beginning inventory, purchases, and sales...

During January, a company that uses a perpetual inventory system had beginning inventory, purchases, and sales as follows :

		Units	Cost per unit
	Begin Inventory	100	12
Jan 5	Sale	50
10	Purchase	70	16
15	Sale	25
25	Sale	35

Required:

Prepare a schedule showing cost of goods sold and ending inventory using weighted average.
Prepare a schedule showing cost of goods sold and ending inventory using First In First Out.

C. Compute gross profit under for a and b.

The selling price for number 3 items is $50 per unit.

Expert Solution

Answer a

Answer b.

Answer c.

Sales revenue = 110 * $50
Sales revenue = $5,500

ekkarill92 answered 3 years ago

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During January, a company that uses a perpetual inventory system had beginning inventory, purchases, and sales...

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