Question
In: Accounting
Jose Zorilla uses a perpetual inventory system. During April, he sold 700 units, (270 units on...
Jose Zorilla uses a perpetual inventory system. During April, he
sold 700 units, (270 units on April 20 and 430 units on April 28).
The following other information is available:
| Units | Unit Cost | Total Cost | ||||||
| April 1 inventory | 250 | $12.20 | $3,050.00 | |||||
| April 15 purchase | 400 | 17.20 | 6,880.00 | |||||
| April 23 purchase | 350 | 15.60 | 5,460.00 | |||||
| 1,000 | $15,390.00 | |||||||
1.Calculate the April 30 inventory and the April cost of goods sold using the weighted average cost formula. (Round the weighted average cost per unit to 3 decimal places, e.g. 5.275 and final answers to 2 decimal places, e.g. 5,275.25.)
2.Calculate the April 30 inventory and the April cost of goods sold using the FIFO cost formula. (Round answers to 0 decimal places, e.g. 5,275.)
3.Prepare the journal entry to record the April 15 purchase
assuming the company uses FIFO method of inventory. All purchases
are on credit.
4.Prepare the journal entries to record the sale of units on April
28, assuming the company uses the weighted average cost method. All
sales are credit sales, and total $10,208. (Round final answers to
2 decimal places, e.g. 5,275.25
Solutions
Expert Solution
| Please hit LIKE button if this helped. For any further explanation, please put your query in comment, will get back to you. | |||||||||||
| Part -1 | |||||||||||
| Purchase | Sale | Ending Inventory | |||||||||
| Date | Units | Rate | Cost | Units | Rate | Cost | Units | Rate | Cost | ||
| Apr 1 | 250 | $ 12.200 | $ 3,050.00 | ||||||||
| Apr 15 | 400 | $17.200 | $6,880 | 650 | $ 15.277 | $ 9,930.00 | |||||
| Apr 20 | 270 | $ 15.277 | $ 4,125 | 380 | $ 15.277 | $ 5,805.23 | |||||
| Apr 23 | 350 | $15.600 | $5,460 | 730 | $ 15.432 | $11,265.23 | |||||
| Apr 28 | 430 | $ 15.432 | $ 6,636 | 300 | $ 15.432 | $ 4,629.55 | |||||
| Total | $ 10,760 | $ 4,629.55 | |||||||||
| Endning Inventory | $ 4,629.55 | ||||||||||
| COGS | $ 10,760.45 | ||||||||||
| Part 2: | FIFO | ||||||||||
| Purchase | Sale | Ending Inventory | |||||||||
| Date | Units | Rate | Cost | Units | Rate | Cost | Units | Rate | Cost | ||
| Apr 1 | 250 | $ 12.200 | $ 3,050.00 | ||||||||
| Apr 15 | 400 | $17.200 | $6,880 | 250 | $ 12.200 | $ 3,050.00 | |||||
| 400 | $ 17.200 | $ 6,880.00 | |||||||||
| Apr 20 | 250 | $ 12.200 | $ 3,050 | 380 | $ 17.200 | $ 6,536.00 | |||||
| 20 | $ 17.200 | $ 344 | |||||||||
| Apr 23 | 350 | $15.600 | $5,460 | 380 | $ 17.200 | $ 6,536.00 | |||||
| 350 | $ 15.600 | $ 5,460.00 | |||||||||
| Apr 28 | 380 | $ 17.200 | $ 6,536 | 300 | $ 15.600 | $ 4,680.00 | |||||
| 50 | $ 15.60 | $ 780 | |||||||||
| Total | $10,710.00 | $ 4,680.00 | |||||||||
| Endning Inventory | $ 4,680.00 | ||||||||||
| COGS | $ 10,710.00 | ||||||||||
| Part 3: | April 15 Purchase | ||||||||||
| Account | Debit | Credit | |||||||||
| Inventory | $ 6,880 | ||||||||||
| Accounts Payable | $ 6,880 | ||||||||||
| Part 4: | |||||||||||
| Accounts Receivable | $ 10,208 | ||||||||||
| Sales | $ 10,208 | ||||||||||
| Cost of Goods Sold | $ 6,636 | ||||||||||
| Inventory | $ 6,636 | ||||||||||
ekkarill92 answered 1 year agoRelated Solutions
Jose Zorilla uses a perpetual inventory system. During April, he sold 700 units, (270 units on...
Jose Zorilla uses a perpetual inventory system. During April,
he sold 700 units, (270 units on April 20 and 430 units on April
28). The following other information is available:
Units
Unit Cost
Total
Cost
April 1 inventory
250
$12.20
$3,050.00
April 15 purchase
400
17.20
6,880.00
April 23 purchase
350
15.30
5,355.00
1,000
$15,285.00
Calculate the April 30 inventory and the April cost of goods
sold using the weighted average cost formula. (Round
the weighted average cost per unit...
Jose Zorilla uses a perpetual inventory system. During April, he sold 700 units, (270 units on...
Jose Zorilla uses a perpetual inventory system. During April, he
sold 700 units, (270 units on April 20 and 430 units on April 28).
The following other information is available:
Units
Unit Cost
Total
Cost
April 1 inventory
250
$12.20
$3,050.00
April 15 purchase
400
16.20
6,480.00
April 23 purchase
350
14.00
4,900.00
1,000
$14,430.00
Calculate the April 30 inventory and the April cost of goods
sold using the weighted average cost formula. (Round
the weighted average cost per unit...
CKL Limited Inc. uses a perpetual inventory system. During the month of April 2020, the following...
CKL Limited Inc. uses a perpetual inventory system. During the
month of April 2020, the following transactions occurred.
On April 2, CKL purchased $300 of office supplies on account,
terms net 30 days.
On April 5, CKL sold $3,500 of merchandise to Wong Enterprises
on credit terms
of 2/15 net 30 days. The of the inventory was $1,750.
On April 7, CKL Limited purchased $4,900 of inventory from
VanCity
Wholesalers on terms of 1/15 net 30, FOB destination.
On April...
CKL Limited Inc. uses a perpetual inventory system. During the month of April 2020, the following...
CKL Limited Inc. uses a perpetual inventory system.
During the month of April 2020, the following transactions
occurred.
On April 2, CKL purchased $300 of office supplies on account,
terms net 30 days.
On April 5, CKL sold $3,500 of merchandise to Wong Enterprises
on credit terms of 2/15 net 30 days. The of the inventory was
$1,750.
On April 7, CKL Limited purchased $4,900 of inventory from
VanCity Wholesalers on terms of 1/15 net 30, FOB destination.
On April...
Blossom Company uses a periodic inventory system. For April, when the company sold 550 units, the...
Blossom Company uses a periodic inventory system. For April,
when the company sold 550 units, the following information is
available.
Units
Unit Cost
Total Cost
April 1 inventory
300
$33
$ 9,900
April 15 purchase
440
40
17,600
April 23 purchase
260
43
11,180
1,000
$38,680
Compute the April 30 inventory and the April cost of goods sold
using the LIFO method.
Ending inventory
$enter a dollar amount
Cost of goods sold
$enter a dollar amount
Blossom Company uses a periodic inventory system. For April, when the company sold 550 units, the...
Blossom Company uses a periodic inventory system. For April,
when the company sold 550 units, the following information is
available.
Units
Unit Cost
Total Cost
April 1 inventory
300
$33
$ 9,900
April 15 purchase
440
40
17,600
April 23 purchase
260
43
11,180
1,000
$38,680
Compute the April 30 inventory and the April cost of goods sold
using the FIFO method.
Ending inventory
$enter a dollar amount
Cost of goods sold
$enter a dollar amount
Marigold Company uses a periodic inventory system. For April, when the company sold 550 units, the...
Marigold Company uses a periodic inventory system. For April,
when the company sold 550 units, the following information is
available.
Units
Unit Cost
Total Cost
April 1 inventory
250
$14
$ 3,500
April 15 purchase
420
17
7,140
April 23 purchase
330
18
5,940
1,000
$16,580
Calculate weighted average cost per unit. (Round
answer to 2 decimal places, e.g. 2.76.)
Weighted average cost per unit
$enter weighted average cost per unit in dollars rounded to 2
decimal places
...
Windsor Company uses a periodic inventory system. For April, when the company sold 450 units, the...
Windsor Company uses a periodic inventory system. For April,
when the company sold 450 units, the following information is
available.
Units
Unit Cost
Total Cost
April 1 inventory 330 $22 $ 7,260
April 15 purchase 380 26 9,880
April 23 purchase
290
29
8,410
1,000
$25,550
Compute the April 30 inventory and the April cost of goods sold
using the LIFO method.
Ending inventory
$
[Entry field with incorrect answer now contains modified
data]
Cost of goods sold
$
[Entry...
Teal Company uses a periodic inventory system. For April, when the company sold 650 units, the...
Teal Company uses a periodic inventory system. For April, when
the company sold 650 units, the following information is available.
Units Unit Cost Total Cost April 1 inventory 310 $34 $ 10,540 April
15 purchase 420 41 17,220 April 23 purchase 270 44 11,880 1,000
$39,640 Collapse question part (a) Incorrect answer. Your answer is
incorrect. Try again. Calculate weighted average cost per unit.
(Round answer to 2 decimal places, e.g. 2.76.) Weighted average
cost per unit
Blossom Company uses a periodic inventory system. For April, when the company sold 550 units, the...
Blossom Company uses a periodic inventory system. For April,
when the company sold 550 units, the following information is
available.
April 1 inventory
300
$33
$ 9,900
April 15 purchase
440
40
17,600
April 23 purchase
260
43
11,180
1,000
$38,680
Compute the April 30 inventory and the April cost of goods sold
using the LIFO method.
Ending Inventory $
Cost of goods sold $
Compute the April 30 inventory and the April cost of goods sold
using the FIFO...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- Suppose you observe the following situation: State of Economy Probability of State Return if State Occurs...
- Merger Analysis TransWorld Communications Inc., a large telecommunications company, is evaluating the possible acquisition of Georgia...
- Journal Entries and Trial Balance Elite Realty acts as an agent in buying, selling, renting, and...
- In racket Assume that the elements of a list are indexed starting with 1. Write a...
- Describe System Development Life Cycle (SDLC) and how it is used.
- What symbolism do you find in the play,Oedipus?
- • Using the Scanner class to obtain input from the user. • Using printf to output...
ADVERTISEMENT