Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places.)Weighted Average - Perpetual:Goods PurchasedCost of Goods SoldInventory Balance# ofunitssold# ofCost per Cost of GoodsunitCost perCost perInventoryBalanceDate# of unitsunitsunitSoldunitJanuary 1185 @$ 11.00 =$ 2,035.00January 10145 @$ 11.00 =$ 1,595.0040 @$ 11.00 =$440.00January 20100 @$ 10.0040 @$ 11.00 =$440.00100 @$ 10.00 =1,000.00Average cost140 @$ 1,440.00January 25125 @January 30270 @$9.50270 @$9.502,565.00Totals$ 1,595.00270 @ Required informationUse the following information for the Exercises below.[The following information applies to the questions displayed below.]Laker Company reported the following January purchases and sales data for its only product.ActivitiesUnits Acquired at Cost185 units @ $11.00 = $2,035DateUnits sold at RetailJan. 1 Beginning inventoryJan. 10 Sales145 units @ $20.00Jan. 20 Purchase100 units @ $10.00 =1,000Jan. 25 Sales125 units @ $20.00Jan. 30 Purchase270 units @ $ 9.50 =2,565Totals555 units$5,600270 unitsThe Company uses a perpetual inventory system. For specific identification, ending inventory consists of 285 units, where270 are from the January 30 purchase, 5 are from the January 20 purchase, and 10 are from beginning inventory.

Name: Determine the cost assigned to ending inventory and to cost of goods
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Description: Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places.)Weighted Average - Perpetual:Goods PurchasedCost of Goods SoldInventory Balance# ofunitssold# ofCost per Cost

Using the weighted average method, Average unit = Total cost of goods available / Total units…

Business

Accounting

Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places.) Weighted Average - Perpetual: Goods Purchased Cost of Goods Sold Inventory Balance # of units Cost per unit # of units Cost per unit Cost of Goods Sold Cost per unit Inventory Balance Date # of units sold January 1 185 @ $ 11.00 = $ 2,035.00 January 10 145 @ $ 11.00 = $ 1,595.00 40 @ $ 11.00 = $ 440.00 January 20 100 @ $ 10.00 40 @ $ 11.00 = 440.00 100 @ $ 10.00 = 1,000.00 Average cost 140 @ $ 1,440.00 January 25 125 @ January 30 270 @ $ 9.50 270 @ $ 9.50 = 2,565.00 Totals $ 1,595.00 270 @

Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places.) Weighted Average - Perpetual: Goods Purchased Cost of Goods Sold Inventory Balance # of units Cost per unit # of units Cost per unit Cost of Goods Sold Cost per unit Inventory Balance Date # of units sold January 1 185 @ $ 11.00 = $ 2,035.00 January 10 145 @ $ 11.00 = $ 1,595.00 40 @ $ 11.00 = $ 440.00 January 20 100 @ $ 10.00 40 @ $ 11.00 = 440.00 100 @ $ 10.00 = 1,000.00 Average cost 140 @ $ 1,440.00 January 25 125 @ January 30 270 @ $ 9.50 270 @ $ 9.50 = 2,565.00 Totals $ 1,595.00 270 @

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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If the cost of goods available for sale equals $116,029, calculate the cost of goods sold using the table below. Cost per unit Number of units on hand Total cost $860 8 $1760 10 $945 8 6 32 $480 Ending inventory The cost of goods sold is S $6,880 $17,600 $7,560 $2,880 $34,920 ***
Ch 9 Problem Set B Problem 9-1 Part B The company uses the perpetual inventory method. It began the month of March with 100 units of inventory, at a unit cost of $55. Purchases during March March 5, 60 units at $60 each. March 18, 200 units at $65 each March 29, 40 units at $75 each. Sales during March March 12, 60 units. March 25, 210 units. All units were sold to customer for $100 each. 1. Use the following format to set up this inventory costing problem, as shown in Video #2. Inventory Date Units Cost per Total Cost Date Units Total Cost Unit Beg Balance Units Cost Beginning Balance + Purchases Goods Available for Sale - Sold Ending Balance
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Requlred Informatlon [The following information applies to the questions displayed below.] Hemming Co. reported the following current-year purchases and sales for Its only product. Date Activities Units Acquired at Cost 300 units @ $14.00 Units sold at Retail = $ 4, 200 Jan. 1 Beginning inventory Jan. 10 Sales Mar.14 Purchase Mar.15 Sales 250 units e $44.00 520 units e $19.00 9,880 468 units e $44.00 July3e Purchase Oct. 5 Sales 500 units e $24.00 12,000 480 units @ $44.00 Oct. 26 Purchase 200 units @ $29.00 5,800 %3D Totals 1,520 units $31,88e 1,19e units Required: Hemming uses a perpetual Inventory system. 1. Determine the costs assigned to ending Inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. 3. Compute the gross margin for FIFO method and LIFO method.
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Consider the following information: Units Cost per unit Total costs Goods in inventory at start of year 1,600 $1.92 $3,072 Purchases, quarter 1 800 $1.40 $1,120 Purchases, quarter 2 1,000 $1.60 $1,600 Purchases, quarter 3 1,200 $1.80 $2,160 Purchases, quarter 4 800 $2.00 $1,600 5,400 $9,552 Goods sold during the year: 3000 units Using the weighted-average-cost method, the value of ending inventory is:
vi.3
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