Carla Vista Company uses a periodic inventory system. Its records show the following for the month of April, with 27 units on hand atApril 30:April 11216InventoryPurchasesPurchasesTotalUnits29501695UnitCost$91210TotalCost$261600160$1,021 (a)Calculate the ending inventory and cost of goods sold at April 30 using the FIFO and weighted average cost formulas. (Round theweighted average cost per unit to 2 decimal places, e.g. 52.75 and final answers to O decimal places, e.g. 5,275.)Ending InventoryCost of Goods Sold$$FIFO$$Weighted average

Inventory, based on its intended use and where it is in the manufacturing or distribution process.…

Carla Vista Company uses a periodic inventory system. Its records show the followin April 30: April 1 12 16 Inventory Purchases Purchases Units 29 50 16 OF Unit Cost $9 12 10 Total Cost $261 600 160 $4.004

Carla Vista Company uses a periodic inventory system. Its records show the followin April 30: April 1 12 16 Inventory Purchases Purchases Units 29 50 16 OF Unit Cost $9 12 10 Total Cost $261 600 160 $4.004

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Carla Vista Company uses a periodic inventory system. Its records show the following for the month of April, with 27 units on hand at
April 30:
April 1
12
16
Inventory
Purchases
Purchases
Total
Units
29
50
16
95
Unit
Cost
$9
12
10
Total
Cost
$261
600
160
$1,021

(a)
Calculate the ending inventory and cost of goods sold at April 30 using the FIFO and weighted average cost formulas. (Round the
weighted average cost per unit to 2 decimal places, e.g. 52.75 and final answers to O decimal places, e.g. 5,275.)
Ending Inventory
Cost of Goods Sold
$
$
FIFO
$
$
Weighted average

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(b)
Prove the cost of goods sold calculations. (Round the weighted average cost per unit to 2 decimal places, e.g. 52.75 and other answers to
O decimal places, e.g. 5,275.)
Check of Cost of Goods Sold (FIFO):
Apr. 1
Apr. 12
Weighted Average
Units
Check of Cost of Goods Sold:
$
Unit Cost
units x $
$
$
Total Cost
per unit = $

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