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 2 years 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,
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Total Cost
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1,000
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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
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$ 9,900
April 15 purchase
440
40
17,600
April 23 purchase
260
43
11,180
1,000
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Compute the April 30 inventory and the April cost of goods sold
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29
8,410
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Compute the April 30 inventory and the April cost of goods sold
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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.
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Cost of goods sold $
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