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 2 years agoRelated 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
ADVERTISEMENT
Latest Questions
- What 2 things happen to the melting point of a solid when an impurity is present?
- How Can Hominin Evolution be characterized as " mosaic evolution" Use examples of species from the...
- Absorption and Variable Costing Income Statements for Two Months and Analysis During the first month of...
- Mobile and wireless devices are being increasingly used in the Business Administration and Management Industry. write...
- What are the options that might be considered in relation to introducing flexible work practices? What...
- Question 2 : Aggregate Scores: Write a program that opens 2 files, quiz.txt, and hw.txt. The...
- Define the term symbiosis specifically as it applies in a biological context. Compare and contrast parasitism,...
ADVERTISEMENT