Please do not give solution in image format thanku Steven & Company uses a perpetual inventory system. The following information is available for November:Nov.1471012InventoryPurchasePurchase:SaleSaleUnits469292(46)(102)PurchasePrice$5$5.50$6SalesPrice$8$8 Calculate the cost of goods sold and ending inventory under weighted average. (Round weighted average cost per unit to 2 decimalplaces, e.g. 52.75 and final answers to O decimal places, e.g. 5,275.)Ending inventoryCost of goods soldWeighted Average

Weighted Average Method is one of the methods of inventory valuation in which it is assumed that the…

Steven & Company uses a perpetual inventory system. The following information is available for November: Nov. 1 4 7 10 12 Inventory Purchase Purchase: Sale Sale Units 46 92 92 (46) (102) Purchase Price $5 $5.50 $6 Sales Price $8 $8

Steven & Company uses a perpetual inventory system. The following information is available for November: Nov. 1 4 7 10 12 Inventory Purchase Purchase: Sale Sale Units 46 92 92 (46) (102) Purchase Price $5 $5.50 $6 Sales Price $8 $8

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 6MCQ: Refer to the information for Morgan Inc. above. If Morgan uses a perpetual inventory system, what is...

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Question

Please do not give solution in image format thanku

Steven & Company uses a perpetual inventory system. The following information is available for November:
Nov.
1
4
7
10
12
Inventory
Purchase
Purchase:
Sale
Sale
Units
46
92
92
(46)
(102)
Purchase
Price
$5
$5.50
$6
Sales
Price
$8
$8

Calculate the cost of goods sold and ending inventory under weighted average. (Round 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
Weighted Average

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