ABBA uses the weighted average inventory cost flow assumption under the perpetual inventory system. The following transactions took place in January 2018. Unit Selling Price/ Date Units Cost 2,000 $0.50 Jan. 1 Opening Inventory 5 Sale #1 6 Purchase #1 1,200 1,000 5.00 2.00 10 Purchase #2 500 1.00 16 Sale #2 2,000 1,000 6.00 21 Purchase #3 2.50 All sales are made on account. Round all per unit costs to two decimal places. Required: a. Record the journal entry for the January 5 sale. Show calculations for cost of goods sold.

The accounting records of Skysong Electronics show the following data. Beginning inventory 1.000 units at $5 Purchases 9,000 units at $7 9.500 units at $10 Sales (a) Determine cost of goods sold during the period under a periodic inventory system using the FIFO method. (Round answer to O decimal places, e.g. 1,250.) Cost of goods sold during the period FIFO

UMET's Stores had the following inventory transactions in 2020:                       Transaction             Units          Cost per unit 1/1                 Balance                    50                      $6 2/14               Sale                          25                        5/23              Purchase                  100                     8 8/21              Sale                           50                      11/5              Purchase                   25                     12 11/18            Sale                           95                        Required: Compute tge cost of goods sold and the ending inventory using the periodic inventory system for each of the following cost flow assumptions: a. FIFO b. LIFO c. Weighted average

company's inventory records show the following data for the month of July. Date July 1 July 5 July 10 July 20 July 25 July 1 Date Activities Beginning inventory Purchase Sale Purchase Sale July 5 Average cost July 5 July 10 July 20 200 units @ $50 If the company uses the weighted average method and the perpetual inventory system, what would be the cost of its ending inventory? Average cost July 20 July 25 Total July 25 Goods purchased Number of Cost per units unit 50 at $ 75.00 Units Acquired at Cost Units Sold at Retail 100 units @ $72 = $7,200 50 units @ $75 = $3,750 225 at $ 77.00 225 units @ $77 = $17,325 Number of units sold Cost of Goods Sold Cost per Cost of Goods Sold unit 75 at $ 50.00 = 200 at $ 50.00 $ 75 units @ $50 $ $ 3,750.00 10,000.00 10,000.00 Number of units 100 at Inventory Balance 100 at 50 at 150 at Cost per unit Inventory Balance 7,200.00 7,200.00 3,750.00 10,950.00 $ 175 at $ $ $ 75 at 150 at 225 at $ 375 at $ 50.00 = $ +73.00 = 77.00 = 75.40 75.00 = 55 72.00 = $…