Bean Nursery sells bark to its customers at retail. Bean buys bark from a plywood mill in bulk and transports the bark in its own trucks. Information relating to the beginning inventory and purchases of bark is as follows: Required Find the cost of 1,200 cubic yards in the ending inventory by the weighted-average-cost method. Carry average cost per cubic yard to four decimals. Check Figure Cost of ending inventory, $519.24

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Answer 1

Textbook Question

Chapter C, Problem 1P

Bean Nursery sells bark to its customers at retail. Bean buys bark from a plywood mill in bulk and transports the bark in its own trucks. Information relating to the beginning inventory and purchases of bark is as follows:

Chapter C, Problem 1P, Bean Nursery sells bark to its customers at retail. Bean buys bark from a plywood mill in bulk and

Required

Find the cost of 1,200 cubic yards in the ending inventory by the weighted-average-cost method. Carry average cost per cubic yard to four decimals.

Check Figure

Cost of ending inventory, $519.24

Expert Solution & Answer

To determine

Compute the cost of ending inventory using weighted-average-cost method.

Explanation of Solution

Weighted-average cost method: Under average cost method, company calculates a new average after every purchase. It is determined by dividing the cost of goods available for sale by the units on hand.

Compute the cost of ending inventory of 1,200 cubic yards using weighted-average-cost method.

College Accounting (Book Only): A Career Approach, Chapter C, Problem 1P

Table (1)

Conclusion

Thus, the cost of 1,200 cubic yards using weighted-average-cost is $519.24.

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Students have asked these similar questions

Sales during the year were 500 units. Beginning inventory was 400 units at a cost of $6 per unit. Purchase 1 was 200 units at $7 per unit. Purchase 2 was 100 units at $8 per unit. Required: a. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method. b. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using LIFO method. Complete this question by entering your answers in the tabs below. Required A Required B Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method. Note: Enter all values as a positive value. Periodic FIFO Beginning Inventory Purchases: Purchase 1 Purchase 2 Total Required A Periodic LIFO Cost of Goods Available for Sale Complete this question by entering your answers in the tabs below. Required B Beginning Inventory Purchases: Purchase 1 Purchase 2 Number Cost per of units unit Total Cost of Goods Available for…

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Quick Stop Dairy had beginning inventory of Heavy Cream of 200 units at a cost of $2 each. During the month, they had the following purchases: 1st purchase: 500 units at $3 each 2nd purchase: 400 units at $4 each Quick Stop Dairy sold 1,000 units to a customer. Using a FIFO cost flow assumption, determine the cost of goods sold for this sale as well as the balance in ending inventory

Answer 2

Textbook Question

Chapter C, Problem 1P

Bean Nursery sells bark to its customers at retail. Bean buys bark from a plywood mill in bulk and transports the bark in its own trucks. Information relating to the beginning inventory and purchases of bark is as follows:

Chapter C, Problem 1P, Bean Nursery sells bark to its customers at retail. Bean buys bark from a plywood mill in bulk and

Required

Find the cost of 1,200 cubic yards in the ending inventory by the weighted-average-cost method. Carry average cost per cubic yard to four decimals.

Check Figure

Cost of ending inventory, $519.24

Expert Solution & Answer

To determine

Compute the cost of ending inventory using weighted-average-cost method.

Explanation of Solution

Weighted-average cost method: Under average cost method, company calculates a new average after every purchase. It is determined by dividing the cost of goods available for sale by the units on hand.

Compute the cost of ending inventory of 1,200 cubic yards using weighted-average-cost method.

College Accounting (Book Only): A Career Approach, Chapter C, Problem 1P

Table (1)

Conclusion

Thus, the cost of 1,200 cubic yards using weighted-average-cost is $519.24.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Textbook Question

Chapter C, Problem 1P

Bean Nursery sells bark to its customers at retail. Bean buys bark from a plywood mill in bulk and transports the bark in its own trucks. Information relating to the beginning inventory and purchases of bark is as follows:

Chapter C, Problem 1P, Bean Nursery sells bark to its customers at retail. Bean buys bark from a plywood mill in bulk and

Required

Find the cost of 1,200 cubic yards in the ending inventory by the weighted-average-cost method. Carry average cost per cubic yard to four decimals.

Check Figure

Cost of ending inventory, $519.24

Expert Solution & Answer

To determine

Compute the cost of ending inventory using weighted-average-cost method.

Explanation of Solution

Weighted-average cost method: Under average cost method, company calculates a new average after every purchase. It is determined by dividing the cost of goods available for sale by the units on hand.

Compute the cost of ending inventory of 1,200 cubic yards using weighted-average-cost method.

College Accounting (Book Only): A Career Approach, Chapter C, Problem 1P

Table (1)

Conclusion

Thus, the cost of 1,200 cubic yards using weighted-average-cost is $519.24.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Textbook Question

Chapter C, Problem 1P

Bean Nursery sells bark to its customers at retail. Bean buys bark from a plywood mill in bulk and transports the bark in its own trucks. Information relating to the beginning inventory and purchases of bark is as follows:

Chapter C, Problem 1P, Bean Nursery sells bark to its customers at retail. Bean buys bark from a plywood mill in bulk and

Required

Find the cost of 1,200 cubic yards in the ending inventory by the weighted-average-cost method. Carry average cost per cubic yard to four decimals.

Check Figure

Cost of ending inventory, $519.24

Expert Solution & Answer

To determine

Compute the cost of ending inventory using weighted-average-cost method.

Explanation of Solution

Weighted-average cost method: Under average cost method, company calculates a new average after every purchase. It is determined by dividing the cost of goods available for sale by the units on hand.

Compute the cost of ending inventory of 1,200 cubic yards using weighted-average-cost method.

College Accounting (Book Only): A Career Approach, Chapter C, Problem 1P

Table (1)

Conclusion

Thus, the cost of 1,200 cubic yards using weighted-average-cost is $519.24.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Textbook Question

Answer 6

Textbook Question

Answer 7

Expert Solution & Answer

To determine

Compute the cost of ending inventory using weighted-average-cost method.

Explanation of Solution

Weighted-average cost method: Under average cost method, company calculates a new average after every purchase. It is determined by dividing the cost of goods available for sale by the units on hand.

Compute the cost of ending inventory of 1,200 cubic yards using weighted-average-cost method.

College Accounting (Book Only): A Career Approach, Chapter C, Problem 1P

Table (1)

Conclusion

Thus, the cost of 1,200 cubic yards using weighted-average-cost is $519.24.

Answer 8

Expert Solution & Answer

To determine

Compute the cost of ending inventory using weighted-average-cost method.

Explanation of Solution

Weighted-average cost method: Under average cost method, company calculates a new average after every purchase. It is determined by dividing the cost of goods available for sale by the units on hand.

Compute the cost of ending inventory of 1,200 cubic yards using weighted-average-cost method.

College Accounting (Book Only): A Career Approach, Chapter C, Problem 1P

Table (1)

Conclusion

Thus, the cost of 1,200 cubic yards using weighted-average-cost is $519.24.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

To determine

Compute the cost of ending inventory using weighted-average-cost method.

Answer 12

Explanation of Solution

Weighted-average cost method: Under average cost method, company calculates a new average after every purchase. It is determined by dividing the cost of goods available for sale by the units on hand.

Compute the cost of ending inventory of 1,200 cubic yards using weighted-average-cost method.

College Accounting (Book Only): A Career Approach, Chapter C, Problem 1P

Table (1)