Question
In: Accounting
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
Solutions
Expert Solution
Formula sheet
| A | B | C | D | E | F | G | H | I | J | K |
| 2 | ||||||||||
| 3 | Weighted average method | |||||||||
| 4 | Weighted average method assumed that goods available for sale are homogeneous. | |||||||||
| 5 | Average cost is found by dividing cost of goods available for sales with number of units available for sale. | |||||||||
| 6 | ||||||||||
| 7 | Units | Price | Cost | |||||||
| 8 | Beginning Inventory | 310 | 34 | =D8*E8 | ||||||
| 9 | Purchase on April 15 | 420 | 41 | =D9*E9 | ||||||
| 10 | Purchase on April 23 | 270 | 44 | =D10*E10 | ||||||
| 11 | Total | =SUM(D8:D10) | =SUM(F8:F10) | |||||||
| 12 | ||||||||||
| 13 | Hence cost of goods available for sales | =F11 | ||||||||
| 14 | Number of units available to sale | =D11 | ||||||||
| 15 | ||||||||||
| 16 | Calculation of weighted average cost: | |||||||||
| 17 | ||||||||||
| 18 | Weighted average cost per unit | =Total cost of goods available for sale / Number of units available for sale | ||||||||
| 19 | =D13/D14 | =D13/D14 | ||||||||
| 20 | ||||||||||
| 21 | Hence weighted average cost per unit | =D19 | ||||||||
| 22 | ||||||||||
ekkarill92 answered 1 year agoRelated Solutions
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...
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...
Amsterdam Company uses a periodic inventory system. For April, when the company sold 600 units, the...
Amsterdam Company uses a periodic inventory system. For April,
when the company sold 600 units, the following information is
available. Units Unit Cost Total Cost April 1 inventory 250 $10
$ 2,500 April 15 purchase 400 12 4,800 April 23 purchase 350
13 4,550 1,000 $11,850 Compute the April 30 inventory and the
April cost of goods sold using the average-cost method.
Crane Company uses a periodic inventory system. For October, when the company sold 1,690 units, the...
Crane Company uses a periodic inventory system. For October,
when the company sold 1,690 units, the following information is
available.
Units
Unit Cost
Total Cost
October 1 inventory
580
$22
$12,760
October 8 purchase
1,160
23
26,680
October 25 purchase
580
26
15,080
2,320
$54,520
Compute the October 31 inventory and the October cost of goods sold
using the FIFO method.
Ending inventory
$enter the ending inventory in dollars
Cost of goods sold
$enter the cost of goods sold in...
Graczyk Company uses a periodic inventory system. During October, it sold 360 units of Product Z....
Graczyk Company uses a periodic inventory system. During
October, it sold 360 units of Product Z. Its beginning inventory
and purchases during the month were as follows: Oct. 1 Beginning
inventory 100 units @ $20 5 Purchases 100 units @ $24 10 Purchases
100 units @ $22 15 Purchases 100 units @ $24 20 Purchases 100 units
@ $28 25 Purchases 100 units @ $26 Compute the cost of goods sold
under each of three methods: (a) average-cost, (b) LIFO,...
McCaffy Company uses a periodic inventory system. It sold 1,000 units of Product H. Its beginning...
McCaffy Company uses a periodic inventory system. It sold 1,000
units of Product H. Its beginning inventory and purchases during
the month were as follows: April 1 Beginning inventory 200 units @
$1 5 Purchases 200 units @ $2 10 Purchases 200 units @ $3 15
Purchases 200 units @ $4 20 Purchases 200 units @ $5 25 Purchases
200 units @ $6 Compute the cost of the ending inventory under each
of three methods: (a) average-cost, (b) LIFO, and...
Swifty Corp. uses a periodic inventory system. The company had the following inventory transactions in April:...
Swifty Corp. uses a periodic inventory system. The company had
the following inventory transactions in April:
April
3
Purchased merchandise from Blue Spruce Ltd. for $26,000, terms
1/10, n/30, FOB shipping point.
6
The appropriate company paid freight costs of $770 on the
merchandise purchased on April 3.
7
Purchased supplies on account for $5,050.
8
Returned damaged merchandise to Blue Spruce and was given a
purchase allowance of $3,700. The merchandise was repaired by Blue
Spruce and returned to...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- "Ethical Considerations" Please respond to the following: Reflect upon the responsibilities placed on auditors by the...
- A Japanese company has a bond outstanding that sells for 93 percent of its ¥100,000 par...
- What is the difference among the principles of modularization, abstraction, encapsulation, and separation of interface and...
- An investment project costs $20,100 and has annual cash flows of $4,400 for six years. ...
- PUT IN JAVA PROGRAMMING The StockB class: Design a class named StockB that contains the following...
- Draw a DFA for the following ( ∑ = {0,1}): Set of all strings with.
- In the article from Forbes notes that the goal of a leader is not to clone...
ADVERTISEMENT