Perpetual Inventory Using Weighted AverageBeginning inventory, purchases, and sales for WCS12 are as follows:Oct. 1Inventory300 units at $1313Sale160 units22Purchase360 units at $1429Sale200 unitsa. Assuming a perpetual inventory system and using the weighted average method, determine the weighted average unit cost after the October 22 purchase. Round youranswer to two decimal places.per unitb. Assuming a perpetual inventory system and using the weighted average method, determine the cost of goods sold on October 29. Round your "average unit cost" totwo decimal places.c. Assuming a perpetual inventory system and using the weighted average method, determine the inventory on October 31. Round your "average unit cost" to twodecimal places.Check My WorkPreviousNextAll work saved.Email InstructorSave and ExitSubmit Assignment for Gradingétv

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Description: Perpetual Inventory Using Weighted AverageBeginning inventory, purchases, and sales for WCS12 are as follows:Oct. 1Inventory300 units at $1313Sale160 units22Purchase360 units at $1429Sale200 unitsa. Assuming a perpetual inventory system and using th

The cost of goods manufactured (COGM) is the sum of the cost of direct labor used, the cost of…

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cual Inventory Using Weighted Average ning inventory, purchases, and sales for WCS12 are as follows: Oct. 1 Inventory 300 units at $13

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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eriodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 15 units at $4,000 $60,000 Aug. 7 Purchase 21 units at $4,600 96,600 Dec. 11 Purchase 18 units at $5,100 91,800 Available for sale 54 units $248,400 There are 17 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a) the first-in, first-out (FIFO) method; (b) the last-in, first-out (LIFO) method; and (c) the weighted average cost method. a. First-in, first-out (FIFO) method $fill in the blank 1 b. Last-in, first-out (LIFO) method $fill in the blank 2 c. Weighted average cost method $fill in the blank 3
Periodic inventory using FIFO, LIFO, and weighted average cost methods The units of an item available for sale during the year were as follows: 17 units at $24 8 units at $25 10 units at $26 35 units Jan. 1 Aug. 13 Nov. 30 Inventory Purchase Purchase Available for sale $408 a. First-in, first-out (FIFO) method b. Last-in, first-out (LIFO) method c. Weighted average cost method 200 260 $868 There are 21 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (a) first-in, first-out (FIFO) method; (b) last-in, first-out (LIFO) method; and (c) weighted average cost method (round per-unit cost to two decimal places and your final answer to the nearest whole dollar). 000 W
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LIFO Perpetual Inventory The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are as follows: Date Transaction Numberof Units Per Unit Total Apr. 3 Inventory 25 $1,200 $30,000 8 Purchase 75 1,240 93,000 11 Sale 40 2,000 80,000 30 Sale 30 2,000 60,000 May 8 Purchase 60 1,260 75,600 10 Sale 50 2,000 100,000 19 Sale 20 2,000 40,000 28 Purchase 80 1,260 100,800 June 5 Sale 40 2,250 90,000 16 Sale 25 2,250 56,250 21 Purchase 35 1,264 44,240 28 Sale 44 2,250 99,000 Required: 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4, using the last-in, first-out method. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Merchandise Sold Unit Cost column and LOWER…