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In: Accounting
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 | Sold | 80 | units | @ | $30 | per unit |
| September 1 | Purchase | 100 | units | @ | $18 | per unit |
| November 1 | Sold | 100 | units | @ | $35 | per unit |
Calculate the weighted-average cost of goods sold and ending inventory for 2015 and 2016 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.
| 2015 | |
|---|---|
| Cost of goods sold | $Answer |
| Ending inventory | $Answer |
| 2016 | |
|---|---|
| Cost of goods sold | $Answer |
| Ending inventory | $Answer |
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.
| 2015 | |
|---|---|
| Cost of goods sold | $Answer |
| Ending inventory | $Answer |
| 2016 | |
|---|---|
| Cost of goods sold | $Answer |
| Ending inventory |
Solutions
ekkarill92 answered 1 year agoRelated Solutions
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...
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 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 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...
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
...
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...
Navaroli Company began operations on January 5, 2015. Cost and sales information for its first two...
Navaroli Company began operations on January 5, 2015. Cost and
sales information for its first two calendar years of operations
are summarized below.
Manufacturing Costs: Direct materials $80 per unit Direct labor
$120 per unit Factory overhead costs: Variable overhead $30 per
unit Fixed overhead $14,000,000 Nonmanufacturing costs Variable
selling and administrative $10 per unit Fixed selling and
administrative $8,000,000 Production and sales data 2015 2016 Units
produced 200,000 units 80,000 Units sold 140,000 140,000 Units in
ending inventory 60,000...
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