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In: Accounting
Calculating Weighted-Average Cost Inventory Values The Brattle Corporation began operations in 2018. Information relating to the...
Calculating Weighted-Average Cost Inventory Values
The Brattle Corporation began operations in 2018. Information relating to the company’s purchases of inventory and sales of products for 2018 and 2019 is presented below.
2018
March 1 Purchase 220 units @ $12 per unit
June 1 Sold 120 units @ $25 per unit
September 1 Purchase 100 units @ $15 per unit
November 1 Sold 130 units @ $25 per unit
2019
March 1 Purchase 70 units @ $16 per unit
June 1 Sold 80 units @ $30 per unit
September 1 Purchase 100 units @ $18 per unit
November 1 Sold 90 units @ $35 per unit
Calculate the weighted-average cost of goods sold and ending inventory for 2018 and 2019 assuming use of (a) the periodic method and (b) the perpetual method. a. Weighted-Average Periodic. Do not round your cost per unit. Do not round until your final answer. Round your answers to the nearest whole number.
2018
Cost of goods sold __________?
Ending inventory __________?
2019
Cost of goods sold __________?
Ending inventory __________?
b. Weighted-Average Perpetual. Do not round your cost per unit. Do not round until your final answer. Round your answers to the nearest whole number.
2018
Cost of goods sold __________?
Ending inventory __________?
2019
Cost of goods sold __________?
Ending inventory __________?
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Calculating Weighted-Average Cost Inventory Values The Brattle Corporation began operations in 2018. Information relating to the...
Calculating Weighted-Average Cost Inventory Values The Brattle
Corporation began operations in 2018. Information relating to the
company’s purchases of inventory and sales of products for 2018 and
2019 is presented below. 2018 March 1 Purchase 220 units @ $12 per
unit June 1 Sold 120 units @ $25 per unit September 1 Purchase 100
units @ $15 per unit November 1 Sold 130 units @ $25 per unit 2019
March 1 Purchase 70 units @ $16 per unit June 1...
Calculating Weighted-Average Cost Inventory Values The Mann Corporation began operations in 2015. Information relating to the...
Calculating Weighted-Average Cost Inventory Values
The Mann Corporation began operations in 2015. Information
relating to the company’s purchases of inventory and sales of
products for 2015 and 2016 is presented below
2015
March 1
Purchase
200
units
@
$10
per unit
June 1
Sold
120
units
@
$25
per unit
September 1
Purchase
100
units
@
$14
per unit
November 1
Sold
130
units
@
$25
per unit
2016
March 1
Purchase
100
units
@
$16
per unit
June 1...
Calculating Weighted-Average Cost Inventory Values The Mann Corporation began operations in 2015. Information relating to the...
Calculating Weighted-Average Cost Inventory Values The Mann
Corporation began operations in 2015. Information relating to the
company’s purchases of inventory and sales of products for 2015 and
2016 is presented below 2015 March 1 Purchase 200 units @ $10 per
unit June 1 Sold 120 units @ $25 per unit September 1 Purchase 100
units @ $14 per unit November 1 Sold 130 units @ $25 per unit 2016
March 1 Purchase 100 units @ $16 per unit June 1...
Calculating LIFO Inventory Values The Mann Corporation began operations in 2015. Information relating to the company’s...
Calculating LIFO Inventory Values
The Mann Corporation began operations in 2015. Information
relating to the company’s purchases of inventory and sales of
products for 2015 and 2016 is presented below.
2015
February 1
Purchase
200
units
@
$10
per unit
May 1
Sold
120
units
@
$25
per unit
August 1
Purchase
100
units
@
$14
per unit
October 1
Sold
130
units
@
$25
per unit
2016
February 1
Purchase
100
units
@
$16
per unit
May 1
Sold...
Calculating FIFO Inventory Values The Mann Corporation began operations in 2015. Information relating to the company’s...
Calculating FIFO Inventory Values
The Mann Corporation began operations in 2015. Information
relating to the company’s purchases of inventory and sales of
products for 2015 and 2016 is presented below.
2015
January 1
Purchase
200
units
@
$10
per unit
April 1
Sold
120
units
@
$25
per unit
July 1
Purchase
100
units
@
$14
per unit
September 1
Sold
130
units
@
$25
per unit
2016
January 1
Purchase
100
units
@
$16
per unit
April 1
Sold...
The Mann Corporation began operations in 2011. Information relating to the company's purchases of inventory and...
The Mann Corporation began operations in 2011. Information
relating to the company's purchases of inventory and sales of
products for 2011 and 2012 is presented below.
2011
February 1 Purchase 200 units @ $20 per unit
May 1 Sold 120 units @ $50 per unit
August 1 Purchase 100 units @ $28 per unit October 1 Sold 130
units @ $50 per unit
2012
February 1 Purchase 100 units @ $32 per unit May 1 Sold 80 units
@ $60...
(Calculating FIFO, Weighted Average Cost—Periodic) The following information is for the inventory of mini-kettles at Funnell...
(Calculating FIFO, Weighted Average
Cost—Periodic) The following information is for the
inventory of mini-kettles at Funnell Company Limited for the month
of May:
Date
Transaction
Units In
Unit Cost
Total
Units Sold
Unit Price
Total
May 1
Balance
100
$4.10
$ 410
6
Purchase
800
4.20
3,360
7
Sale
300
$7.00
$ 2,100
10
Sale
300
7.30
2,190
12
Purchase
400
4.50
1,800
15
Sale
200
7.40
1,480
18
Purchase
300
4.60
1,380
22
Sale
400
7.40
2,960
25
Purchase
...
Nash Company began operations on January 1, 2018, and uses the average-cost method of pricing inventory....
Nash Company began operations on January 1, 2018, and uses the
average-cost method of pricing inventory. Management is
contemplating a change in inventory methods for 2021. The following
information is available for the years 2018–2020. Net Income
Computed Using Average-Cost Method FIFO Method LIFO Method
2018 $15,980 $19,140 $12,070
2019 18,090 21,090 14,040
2020 20,130 24,990 16,940
(a) Prepare the journal entry necessary to record a change from
the average cost method to the FIFO method in 2021. Account Titles...
Tony Corporation began operations on January 1, 2018. The following transactions relating to stockholders’ equity occurred...
Tony Corporation began operations on January 1, 2018. The
following transactions relating to stockholders’ equity occurred in
the first two years of the company’s operations.
2018
Jan. 1 Authorized the issuance of 2 million shares of $5 par
value common stock and 100,000 shares of $100 par value, 10%
cumulative, preferred stock.
Jan. 2 Issued 200,000 shares of common stock for $12 cash per
share.
Jan. 3 Issued 100,000 shares of common stock in exchange for a
building valued at...
Calculate the cost of goods sold and ending inventory using weighted average. (Round the weighted average...
Calculate the cost of goods sold and ending inventory using
weighted average. (Round the weighted average cost per
unit to 2 decimal places, e.g. 5.25 and final answers to 0 decimal
places, e.g. 5,250.)
Purchases
Cost of
Goods Sold
Balance
Date
Units
Cost
Total
Units
Cost
Total
Units
Cost
Total
Units
Total Cost
WA Cost Per unit
Apr-01
Beginning Inventory
26
$11
$286
26
$11
$286
Apr-15
52
$13
$676
$
$
26
$286
52
$676
$
$
Apr-20
29...
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