Required information [The following information applies to the questions displayed below.) During the year, a company has the following inventory transactions. Number Unit of Unita 24 Total Cost 624 bate Transaction Cont Jan. 1 Beginning inventory Mar. 4 Purchase Jun. 9 Purchase $26 25 24 725 816 748 29 34 Nov.11 Purchase 34 22 121 $2,913 For the entire year, the company sells 90 units of inventory for $34 each. 3. Using weighted-average cost, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. (Round "Average Cost per unit" to 2 decimal places and all other answers to the nearest whole number.)

Required information [The following information applies to the questions displayed below.) During the year, a company has the following inventory transactions. Number Unit of Unita 24 Total Cost 624 bate Transaction Cont Jan. 1 Beginning inventory Mar. 4 Purchase Jun. 9 Purchase $26 25 24 725 816 748 29 34 Nov.11 Purchase 34 22 121 $2,913 For the entire year, the company sells 90 units of inventory for $34 each. 3. Using weighted-average cost, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. (Round "Average Cost per unit" to 2 decimal places and all other answers to the nearest whole number.)

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Description: Required information[The following information applies to the questions displayed below.]During the year, a company has the following inventory transactions.NumberUnitTotal Costof Units24DateJan. 1 Beginning inventoryMar. 4 PurchaseJun. 9 PurchaseNo

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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The following data pertains to inventory during the past year. A physical inventory at year-end indicates that 600 units are on hand and that they came from the July 1 purchase.Date Description Number of Units Cost per Unit Total CostJanuary 1 Beginning Inventory 1,000 $4.00 $4,000February 20 Purchase 800 $4.50 $3,600April 1 Purchase 900 $4.75 $4,275July 1 Purchase 700 $5.00 $3,500October 22 Purchase 500 $4.90 $2,450December 10 Purchase…
The following lots of Commodity Z were available for sale during the year. Beginning inventory 10 units at $48 First purchase 19 units at $51 Second purchase 55 units at $55 Third purchase 17 units at $62 The firm uses the periodic system, and there are 27 units of the commodity on hand at the end of the year. What is the ending inventory balance at the end of the year according to the LIFO method? Oa. $1,347 Ob. $1,604 Oc. S1,296 Od. S5,528
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1 Required information [The following information applies to the questions displayed below.] A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 280 units. Ending inventory at January 31 totals 130 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 January 1 Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. Note: Round your per unit costs to 2 decimal places. Date January 9 Average cost January 9 January 25 Average cost January 25 January 26 Total January 26 Goods purchased # of units Units 250 60 100 Cost per unit Unit Cost $ 2.30 2.50 2.64 Weighted Average - Perpetual: Cost of Goods Sold # of units sold Cost per Cost of Goods unit Sold # of units Inventory Balance Cost per unit Inventory Balance
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Required information [The following information applies to the questions displayed below.) A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 350 units. Ending inventory at January 31 totals 150 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 January 1 Date January 9 Average cost January 9 January 25 Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Round your per unit costs to 2 decimal places.) Average cost January 25 January 26 Total January 26 Goods purchased # of units Units 320 80 Cost per unit 100 saved Unit Cost $ 4.50 # of units sold 4.70 4.84 Weighted Average - Perpetual: Cost of Goods Sold Cost per Cost of Goods unit Sold # of units Inventory Balance Cost per unit Inventory Balance Help Save & Exit
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