Question

In: Accounting

Required information [The following information applies to the questions displayed below.] The following are the transactions...

Required information

[The following information applies to the questions displayed below.]

The following are the transactions for the month of July.

Units Unit Cost Unit Selling Price
July 1 Beginning Inventory 54 $ 10
July 13 Purchase 270 12
July 25 Sold (100 ) $ 16
July 31 Ending Inventory 224

Calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gross profit, under weighted average cost. Assume a periodic inventory system is used. (Round "Cost per Unit" to 2 decimal places and your final answers to nearest whole dollar amount.)

Solutions

Expert Solution

Please give positive ratings so I can keep answering. It would help me a lot. Please comment if you have any query. Thanks!
Periodic Weighted Average No. of Units Cost per unit Total
Beginning Inventory            54.00              10.00       540.00
Purchased on Jul 13          270.00              12.00 3,240.00
Goods available for sale          324.00              11.67 3,780.00
Cost of Goods sold          100.00 1,167.00
Ending Inventory          224.00 2,614.00

ekkarill92 answered 1 year ago
Next > < Previous

Related Solutions

Required information [The following information applies to the questions displayed below.] The following are the transactions...
Required information [The following information applies to the questions displayed below.] The following are the transactions for the month of July. Units Unit Cost Unit Selling Price July 1 Beginning Inventory 45 $ 10 July 13 Purchase 225 13 July 25 Sold (100 ) $ 15 July 31 Ending Inventory 170 Calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gross profit, under LIFO. Assume a periodic inventory system is used. LIFO...
Required information [The following information applies to the questions displayed below.] The following transactions apply to...
Required information [The following information applies to the questions displayed below.] The following transactions apply to Ozark Sales for 2018: The business was started when the company received $49,000 from the issue of common stock. Purchased equipment inventory of $178,000 on account. Sold equipment for $195,500 cash (not including sales tax). Sales tax of 7 percent is collected when the merchandise is sold. The merchandise had a cost of $120,500. Provided a six-month warranty on the equipment sold. Based on...
Required information [The following information applies to the questions displayed below.] The following transactions pertain to...
Required information [The following information applies to the questions displayed below.] The following transactions pertain to Smith Training Company for Year 1: Jan. 30 Established the business when it acquired $54,000 cash from the issue of common stock. Feb. 1 Paid rent for office space for two years, $16,200 cash. Apr. 10 Purchased $740 of supplies on account. July 1 Received $27,500 cash in advance for services to be provided over the next year. 20 Paid $555 of the accounts...
Required information [The following information applies to the questions displayed below.] The following transactions pertain to...
Required information [The following information applies to the questions displayed below.] The following transactions pertain to Smith Training Company for Year 1: Jan. 30 Established the business when it acquired $54,000 cash from the issue of common stock. Feb. 1 Paid rent for office space for two years, $16,200 cash. Apr. 10 Purchased $740 of supplies on account. July 1 Received $27,500 cash in advance for services to be provided over the next year. 20 Paid $555 of the accounts...
Required information [The following information applies to the questions displayed below.] Following are transactions of Danica...
Required information [The following information applies to the questions displayed below.] Following are transactions of Danica Company. Dec. 13 Accepted a $11,000, 45-day, 9% note in granting Miranda Lee a time extension on her past-due account receivable. 31 Prepared an adjusting entry to record the accrued interest on the Lee note. Jan. 27 Received Lee's payment for principal and interest on the note dated December 13. Mar. 3 Accepted a $5,000, 10%, 90-day note in granting a time extension on...
Required information [The following information applies to the questions displayed below.] Church Company completes these transactions...
Required information [The following information applies to the questions displayed below.] Church Company completes these transactions and events during March of the current year (terms for all its credit sales are 3/10, n/30). Mar. 1 Purchased $38,000 of merchandise from Van Industries, terms 3/15, n/30. 2 Sold merchandise on credit to Min Cho, Invoice No. 854, for $15,200 (cost is $7,600). 3 (a) Purchased $1,140 of office supplies on credit from Gabel Company, terms n/30. 3 (b) Sold merchandise on...
Required information [The following information applies to the questions displayed below.] Wiset Company completes these transactions...
Required information [The following information applies to the questions displayed below.] Wiset Company completes these transactions during April of the current year (the terms of all its credit sales are 2/10, n/30). Apr. 2 Purchased $15,500 of merchandise on credit from Noth Company, invoice dated April 2, terms 2/10, n/60. 3 (a) Sold merchandise on credit to Page Alistair, Invoice No. 760, for $6,000 (cost is $3,000). 3 (b) Purchased $1,510 of office supplies on credit from Custer, Inc. Invoice...
Required information [The following information applies to the questions displayed below.] Wiset Company completes these transactions...
Required information [The following information applies to the questions displayed below.] Wiset Company completes these transactions during April of the current year (the terms of all its credit sales are 2/10, n/30). Apr. 2 Purchased $15,500 of merchandise on credit from Noth Company, invoice dated April 2, terms 2/10, n/60. 3 (a) Sold merchandise on credit to Page Alistair, Invoice No. 760, for $6,000 (cost is $3,000). 3 (b) Purchased $1,510 of office supplies on credit from Custer, Inc. Invoice...
Required information [The following information applies to the questions displayed below.] Wiset Company completes these transactions...
Required information [The following information applies to the questions displayed below.] Wiset Company completes these transactions during April of the current year (the terms of all its credit sales are 2/10, n/30). Apr. 2 Purchased $15,500 of merchandise on credit from Noth Company, invoice dated April 2, terms 2/10, n/60. 3 (a) Sold merchandise on credit to Page Alistair, Invoice No. 760, for $6,000 (cost is $3,000). 3 (b) Purchased $1,510 of office supplies on credit from Custer, Inc. Invoice...
Required information [The following information applies to the questions displayed below.] Wiset Company completes these transactions...
Required information [The following information applies to the questions displayed below.] Wiset Company completes these transactions during April of the current year (the terms of all its credit sales are 2/10, n/30). Apr. 2 Purchased $15,500 of merchandise on credit from Noth Company, invoice dated April 2, terms 2/10, n/60. 3 (a) Sold merchandise on credit to Page Alistair, Invoice No. 760, for $6,000 (cost is $3,000). 3 (b) Purchased $1,510 of office supplies on credit from Custer, Inc. Invoice...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT