Question
In: Accounting
Brief Exercise 6-7 Calculate ending inventory and cost of goods sold using weighted-average cost (LO6-3) During...
Brief Exercise 6-7 Calculate ending inventory and cost of goods sold using weighted-average cost (LO6-3)
During the year, Wright Company sells 470 remote-control airplanes for $110 each. The company has the following inventory purchase transactions for the year.
| Date | Transaction | Number of Units | Unit Cost | Total Cost | |||||||
| Jan. 1 | Beginning inventory | 60 | $ | 82 | $ | 4,920 | |||||
| May. 5 | Purchase | 250 | 85 | 21,250 | |||||||
| Nov. 3 | Purchase | 200 | 90 | 18,000 | |||||||
| 510 | $ | 44,170 | |||||||||
Calculate ending inventory and cost of goods sold for the year, assuming the company uses weighted-average cost. (Round your average cost per unit to 4 decimal places.)
Solutions
Expert Solution
| Answer: | ||||
| Particulars | Units | x | Unit Cost | Total Cost |
| Beginning inventory | 60 | x | 82 | 4920 |
| Purchase - May .5 | 250 | x | 85 | 21250 |
| Purchase - Nov. 3 | 200 | x | 90 | 18000 |
| Total | 510 | 44170 | ||
|
weighted average cost per unit = Total Cost / Total Units = $44,170 / 510 Units = $ 86.6078 |
$ 86.6078 | |||
|
Cost of goods Sold = 470 Units x $ 86.6078 = $ 40,706 |
$ 40,706 | |||
|
Ending Inventory in Units = 510 Units (-) 470 Units = 40 Units |
||||
|
Cost of Ending Inventory in
Units = 40 Units x $ 86.6078 |
$ 3,464 |
ekkarill92 answered 1 year agoRelated Solutions
Brief Exercise 6-5 Calculate ending inventory and cost of goods sold using FIFO (LO6-3) During the...
Brief Exercise 6-5 Calculate ending inventory and cost of goods
sold using FIFO (LO6-3)
During the year, Wright Company sells 440 remote-control
airplanes for $110 each. The company has the following inventory
purchase transactions for the year.
Date
Transaction
Number
of Units
Unit Cost
Total Cost
Jan. 1
Beginning inventory
60
$76
$
4,560
May 5
Purchase
220
79
17,380
Nov. 3
Purchase
170
84
14,280
450
$
36,220
Calculate ending inventory and cost of...
Calculate the cost of goods sold and ending inventory using weighted average. (Round the weighted average...
Calculate the cost of goods sold and ending inventory using
weighted average. (Round the weighted average cost per
unit to 2 decimal places, e.g. 5.25 and final answers to 0 decimal
places, e.g. 5,250.)
Purchases
Cost of
Goods Sold
Balance
Date
Units
Cost
Total
Units
Cost
Total
Units
Cost
Total
Units
Total Cost
WA Cost Per unit
Apr-01
Beginning Inventory
26
$11
$286
26
$11
$286
Apr-15
52
$13
$676
$
$
26
$286
52
$676
$
$
Apr-20
29...
Calculate cost of ending inventory and cost of goods sold using periodic FIFO, LIFO, and Weighted...
Calculate cost of ending inventory and cost of goods sold
using periodic FIFO, LIFO, and Weighted Average Cost methods.
Description # of units Cost per unit
Beginning inventory: 20 20
Jan.15 Purchase: 22 27
Jan. 20 Sale 10 blank
Jan.25 Purchase 18 25
Jan.28 Sale 15 blank
Calculate the cost of goods sold and the cost of ending inventory using the FIFO, LIFO, and average cost methods.
Inventory Costing Methods: Periodic Inventory Systems. (Appendix
6B)Tyler Company has the following information related to purchases
and sales of one of its inventory items.DateDescriptionUnits Purchased at
CostUnits Sold at
RetailSept. 1Beginning inventory20 units @ $510Purchase30 units @ $820Sales40 units @ $1525Purchase25 units at $10Assume that the company uses the periodic inventory system.Required:Calculate the cost of goods sold and the cost of ending
inventory using the FIFO, LIFO, and average cost methods.
(Note: Use four decimal places for per-unit calculations
and...
Calculate the cost of goods sold and the cost of the ending inventory using the LIFO...
Calculate the cost of goods sold and the cost of the ending
inventory using the LIFO periodic cost flow assumption.
Sales 97 units at $ 18 per unit
Beginning inventory 88 units at $ 6 per unit
Purchases 58 units at $ 10 per unit
Calculate the cost of goods sold using the LIFO periodic cost
flow assumption. Units x Cost per Unit = Total Cost Units from
beginning inventory x = Units from purchase x = Cost of Goods...
Weighted-average Ending Merchandise Inventory _______________ Cost of Goods Sold ________________ Could you please fill in the...
Weighted-average Ending Merchandise Inventory _______________
Cost of Goods Sold ________________ Could you please fill in the
blank?
What is the weighted average?
Jul. 1
Beginning merchandise inventory
6 units @ $60 each
Jul. 8
Purchase
5 units @ $67 each
Jul. 15
Purchase
10 units @ $70 each
Jul. 26
Purchase
5 units @ $85 each
From the following? information, calculate the cost of ending inventory and cost of goods sold using...
From the following? information, calculate the cost of ending
inventory and cost of goods sold using the? (a) FIFO,? (b) LIFO,
and? (c) weighted-average methods.
Units
Cost
January 1
Beginning Inventory
4
$7
March 6
Purchased
6
2
August 9
Purchased
4
9
December 10
Purchased
5
1
The ending inventory reveals eighteight items unsold
Using the inventory flow assumptions of weighted average, LIFO and FIFO calculate the inventory and cost of goods sold for an organisation with the following transactions
Part 1Using the inventory flow assumptions of weighted average, LIFO
and FIFO calculate the inventory and cost of goods sold for an
organisation with the following transactions and records and use
the information to develop an inventory report/ comparison report.
Present your calculations and any relevant assumptions in a report
format suited to the financial services industry.The organisation’s records show the inventory and the purchases
to be:Opening inventory350 units @ $25PurchasesDecember 1300 units @ $30February 17500 units @ $28April 21250...
From the following, calculate the cost of ending inventory and cost of goods sold for the...
From the following, calculate the cost of ending inventory and
cost of goods sold for the weighted-average method, ending
inventory is 56 units. (Round your intermediate
calculations and final answers to the nearest cent.)
Beginning inventory
and purchases
Units
Unit cost
January 1
6
$
2.70
April 10
9
3.20
May 15
13
3.70
July 22
14
3.95
August 19
19
4.70
September 30
19
4.90
November 10
33
5.10
December 15
15
5.50
cost of ending inventory?
Cost of...
From the following, calculate the cost of ending inventory and cost of goods sold for the...
From the following, calculate the cost of ending inventory and
cost of goods sold for the LIFO method, ending inventory is 54
units. (Round your answers to the nearest cent.)
Beginning inventory
and purchases
Units
Unit cost
January 1
6
$
1.00
April 10
9
1.50
May 15
13
2.00
July 22
14
2.25
August 19
19
3.00
September 30
19
3.20
November 10
33
3.40
December 15
15
3.80
Cost of ending inventory
$
Cost of goods sold
$
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