Question
In: Accounting
Weighted Average Cost Flow Method Under Perpetual Inventory System The following units of a particular item...
Weighted Average Cost Flow Method Under Perpetual Inventory System
The following units of a particular item were available for sale during the calendar year:
| Jan. 1 | Inventory | 10,000 | units at $75.00 |
| Mar. 18 | Sale | 8,000 | units |
| May 2 | Purchase | 18,000 | units at $77.50 |
| Aug. 9 | Sale | 15,000 | units |
| Oct. 20 | Purchase | 7,000 | units at $80.25 |
The firm uses the weighted average cost method with a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale. Present the data in the form illustrated in Exhibit 5. Round unit cost to two decimal places, if necessary.
| Schedule of Cost of Goods Sold Weighted Average Cost Flow Method |
|||||||||
|---|---|---|---|---|---|---|---|---|---|
| Purchases | Cost of Goods Sold | Inventory | |||||||
| Date | Quantity | Unit Cost | Total Cost | Quantity | Unit Cost | Total Cost | Quantity | Unit Cost | Total Cost |
| Jan. 1 | |||||||||
| Mar. 18 | |||||||||
| May 2 | |||||||||
| Aug. 9 | |||||||||
| Oct. 20 | |||||||||
| Dec. 31 | Balances | ||||||||
Solutions
ekkarill92 answered 2 years agoRelated Solutions
Weighted Average Cost Flow Method Under Perpetual Inventory System The following units of a particular item...
Weighted Average Cost Flow Method Under Perpetual Inventory
System
The following units of a particular item were available for sale
during the calendar year:
Jan. 1
Inventory
30,000
units at $30.00
Mar. 18
Sale
24,000
units
May 2
Purchase
54,000
units at $31.00
Aug. 9
Sale
45,000
units
Oct. 20
Purchase
21,000
units at $32.10
The firm uses the weighted average cost method with a perpetual
inventory system. Determine the cost of merchandise sold for each
sale and the inventory...
Weighted Average Cost Flow Method Under Perpetual Inventory System The following units of a particular item...
Weighted Average Cost Flow Method Under Perpetual Inventory
System
The following units of a particular item were available for sale
during the calendar year:
Jan. 1 Inventory 30,000 units at
$30.00
Mar. 18 Sale 24,000 units
May 2 Purchase 54,000 units at
$31.00
Aug. 9 Sale 45,000 units
Oct. 20 Purchase 21,000 units at
$32.10
The firm uses the weighted average cost method with a perpetual
inventory system. Determine the...
Weighted Average Cost Flow Method Under Perpetual Inventory System The following units of a particular item...
Weighted Average Cost Flow Method Under Perpetual Inventory
System
The following units of a particular item were available for sale
during the calendar year:
Jan. 1
Inventory
4,000 units at $40
Apr. 19
Sale
2,500 units
June 30
Purchase
4,500 units at $44
Sept. 2
Sale
5,000 units
Nov. 15
Purchase
2,000 units at $46
The firm uses the weighted average cost method with a perpetual
inventory system. Determine the cost of goods sold for each sale
and the inventory...
FIFO and LIFO Costs Under Perpetual Inventory System The following units of a particular item were...
FIFO and LIFO Costs Under Perpetual Inventory System
The following units of a particular item were available for sale
during the year:
Beginning inventory
43 units @ $48
Sale
37 units @ $70
First purchase
31 units @ $50
Sale
28 units @ $71
Second purchase
20 units @ $51
Sale
15 units @ $71
The firm uses the perpetual inventory system, and there are 14
units of the item on hand at the end of the year.
a. What...
FIFO and LIFO Costs Under Perpetual Inventory System The following units of a particular item were...
FIFO and LIFO Costs Under Perpetual Inventory System
The following units of a particular item were available for sale
during the year:
Beginning inventory
20 units @ $45
Sale
15 units @ $72
First purchase
18 units @ $47
Sale
13 units @ $74
Second purchase
28 units @ $48
Sale
25 units @ $74
The firm uses the perpetual inventory system, and there are 13
units of the item on hand at the end of the year.
a. What...
FIFO and LIFO Costs Under Perpetual Inventory System The following units of a particular item were...
FIFO and LIFO Costs Under Perpetual Inventory System
The following units of a particular item were available for sale
during the year:
Beginning inventory
49 units @ $42
Sale
39 units @ $67
First purchase
33 units @ $45
Sale
30 units @ $69
Second purchase
20 units @ $47
Sale
17 units @ $70
The firm uses the perpetual inventory system, and there are 16
units of the item on hand at the end of the year.
a. What...
eriodic Inventory Using FIFO, LIFO, and Weighted Average Cost Method. The units of an item available...
eriodic Inventory Using FIFO, LIFO, and Weighted Average Cost
Method.
The units of an item available for sale during the year were as
follows:
Jan. 1
Inventory
10
units at $39
$390
Aug. 13
Purchase
17
units at $40
680
Nov. 30
Purchase
13
units at $41
533
Available for sale
40
units
$1,603
There are 16 units of the item in the physical inventory at
December 31. The periodic inventory system is used. Determine the
inventory cost using (a)...
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Method. The units of an item available...
Periodic Inventory
Using FIFO, LIFO, and Weighted Average Cost Method.
The units of an item
available for sale during the year were as follows:
Jan. 1
Inventory
14
units at $27
$378
Aug. 13
Purchase
19
units at $30
570
Nov. 30
Purchase
11
units at $32
352
Available for sale
44
units
$1,300
There are 17 units of
the item in the physical inventory at December 31. The periodic
inventory system is used. Determine the inventory cost using (a)...
FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available...
FIFO and LIFO Costs Under Perpetual Inventory System The
following units of an item were available for sale during the year:
Beginning inventory 23 units at $44 Sale 8 units at $68 First
purchase 23 units at $46 Sale 23 units at $69 Second purchase 11
units at $47 Sale 11 units at $69 The firm uses the perpetual
inventory system, and there are 15 units of the item on hand at the
end of the year. a. What is...
FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available...
FIFO and LIFO Costs Under Perpetual Inventory System
The following units of an item were available for sale during
the year:
Beginning inventory
45 units at $42
Sale
42 units at $59
First purchase
27 units at $44
Sale
15 units at $61
Second purchase
24 units at $46
Sale
20 units at $62
The firm uses the perpetual inventory system, and there are 19
units of the item on hand at the end of the year.
a. What is...
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