ABC Co. uses a perpetual inventory system and uses the weighted average cost flow assumption. During the month, it had two sales. Calculate the dollar value of its cost of goods sold for the first sale made on Jan. 10. Date Jan 1 Jan 5 Jan 10 Jan 25 Jan 30 Inventory Beginning Inventory Purchase Sale Purchase Sale O $110 O $167.20 O $151.80 O $148.50 8 @ $12 = $96 12 @ $15= $180 11 @ $50 each 10 @ $18= $180 3 @ $55 each

ABC Co. uses a perpetual inventory system and uses the weighted average cost flow assumption. During the month, it had two sales. Calculate the dollar value of its cost of goods sold for the first sale made on Jan. 10. Date Jan 1 Jan 5 Jan 10 Jan 25 Jan 30 Inventory Beginning Inventory Purchase Sale Purchase Sale O $110 O $167.20 O $151.80 O $148.50 8 @ $12 = $96 12 @ $15= $180 11 @ $50 each 10 @ $18= $180 3 @ $55 each

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 11RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...

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