FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Transcribed Image Text: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
Transcribed Image Text:(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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Transcribed Image Text:(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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Follow-up Question
Transcribed Image Text:(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 = $
Solution
by Bartleby Expert
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