Oct. Inventory Sale 320 units at $10 13 180 units 22 Purchase 360 units at $12 29 Sale 300 units
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A: Weighted average cost is the average cost of goods purchased/manufactured
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A: Formula: Ending inventory = Total purchases - Sales units
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A: Weighted average cost of inventory per unit weighted average costs of inventory
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A: Under perpetual inventory system the cost of goods sold is updated after each sales
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A: Since you have asked multiple question, we will solve the first question for you. If you want any…
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A: FIFO (First-In First Out): Under FIFO inventory accounting, units purchased first are sold first.
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A: FIFO is the inventory method in which inventory purchased first will be sold first. Under LIFO…
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A: solution ending inventory =7 units a inventory cost by FIFO =under FIFO the goods…
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A: The question is based on the concept of Cost Acconuting.
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A: (a)Calculate weighted average unit cost after October 22 purchases.
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A: "Since you have asked multiple question, we will solve the first question for you. If you want…
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A: Inventory is current asset posted in the balance sheet of the company.
Q: Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for WCS12 are…
A: Under Weighted Average Method, the cost of goods sold and inventory are valued on the basis of…
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A: Perpetual inventory system: It is a method of inventory management that records real time…
Q: Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning…
A: Perpetual inventory is an inventory accounting approach in which the sale or purchase of products is…
Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…
A: In FIFO earlier goods will be sold first
Q: Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for WCS12 are…
A: Inventory refers to the stock that the company held for the resell purpose or the stock that the…
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A: LIFO: LIFO stands for Last-In, First-Out. As its name suggest, this method assumes that the most…
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A: First in first out (FIFO) is a method of inventory in which the inventory purchased first will be…
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A: PLEASE GIVE A LIKE, your response matters [a] $ 15.50 per unit [b] $ 6975 [c] $ 5425
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A: Average cost per unit = Cost of goods available for sale / No. of units Available for sale = 1378/42…
Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 15 units…
A: FIFO: FIFO stands for First-In, First-Out. In this method inventory purchased first will be sold…
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A: LIFO means last in first out where as FIFO means first in first out. In FIFO , cost of goods sold is…
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A: Perpetual inventory system refers to the inventory system in which the activity of inventory is…
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A: Inventory valuation can be defined as the technique used to find out the cost of the inventory.…
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A: FIFO: FIFO stands for First-In, First-Out. As its name suggest, this method assumes that the oldest…
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A: Introduction: FIFO: FIFO stands for First in First out. Which means first received inventory to be…
Q: Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for WCS12 are…
A: Inventory means the stock of goods in hand . Goods means the thing in which the business deals and…
Q: Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for WCS12 are…
A: The inventory valuation method used to evaluate the closing inventory and cost of goods sold on the…
Q: Beginning inventory, purchases, and sales for WCS12 are as follows: OCT. 1 Inventory 300 units at…
A: Weighted average cost method is a method of inventory costing which is used for calculation of…
Beginning inventory', purchases, and sales for WCS12 are as follows:
Assuming a perpetual inventory system and using the weighted average method, determine (a) the weighted average unit cost after the October 22 purchase, (b) the cost of goods sold on October 29, and (c) the inventory on October 31.
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- Chapter 1-Inventories Inancial lued a ating Mega Company had the following inventory transactions during 2019 Unit Selling Price Units 250 200 275 (120) (55) (250) 300 Unit Cost P10.50 11.00 Inventory, January 1 Purchase, March 7 Purchase, July 15 Sale, May 20 Sale, June 30 Sale, September 17 Inventory, December 31 अधि a P562,500 11.75 P14.00 15.00 16.00 endor om eived and shipped on REQUIRED: 31, 2019 ry 2, 2020 -The goods Determine the cost of ending Insontory, cost of goods sold and gross profit under cach of the following inientory cost flru methods. Complete the table given beiow. cost to nearest rentare and total cost fo neerest pese (Where necessary, round off unit पा oापा ecember 31 in the year ere deliverr Cost of End ng Inventory Cost of Goods Sold Gross Proft FIFO Weighted Average received anK Inventory- 10- ACCT1100: Finar x * CengageNOwv2 |Online teachi x 310) Inventory Cost Flow - First x G https://v2.cengagenow.com/ilm/takeAssignment/takeAssignmentMain.do?invoker%3&takeAssignmentSessionLo... Akira Company had the following transactions for the month. Number Cost of Units per Unit Beginning Inventory 160 $10 Purchased Mar. 31 180 15 Purchased Oct. 15 130 18 Ending Inventory 60 Calculate the ending inventory dollar value for the period for each of the following cost allocation methods, using periodic inventory updating. Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar amount. Ending Inventory A. First-in, First-out (FIFO) 6,640 B. Last-in, First-out (LIFO) C. Weighted Average (AVG) Feedback Check My Work FIFO and LIFO refer to the inventory 'layers that are used to complete the order for a sale. The amount remaining after the order is 'filled' is the ending inventory amounts. Previgs Next 1:5 Check My Work 4 more Check My…OMANTEL El GOD O©41% 9:12 18 Muscat Company uses the periodic inventory system to account for inventories. Information related to Muscat Company's inventory for the month of January 2020 is given as follows: Units Per unit price Total Balance, 1/1/20 200 OMR 5.00 Purchase, 1/15/2020 100 5.30 Purchase, 1/28/2020 100 5.50 The physical inventory count on January 31 shows 120 units are on hand. Using the FIFO method, what is the cost of goods sold? II
- EE The inventory data for an item for November are: Nov. 1 Inventory 24 units at $22 Sold 9 units 10 Purchased 26 units at $20 17 Sold 22 units 30 Purchased 21 units at $23 Using a perpetual system, what is the cost of the goods sold for November if the company uses LIFO? Oa. $638 Оb. s668 Oc. $863 Od. $968 Previous NextC7 Exercises O eBook E E Print Item Show Me How Calculator Weighted Average Cost Flow Method Under Perpetual Inventory System The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 30,000 units at $30.00 Mar. 18 Sale 24,000 units Mаy 2 Purchase 54,000 units at $31.00 Aug. 9 Sale 45,000 units Oct. 20 Purchase 21,000 units at $32.10 The firm uses the weighted average cost method with a perpetual inventory system. Determine the cost of merchandise sold for each sale and the inventory balance after each sale. Present the data in the form illustrated in Exhibit 5. Round unit cost to two decimal places, if necessary. Schedule of Cost of Merchandise Sold Weighted Average Cost Flow Method Purchases Cost of Merchandise Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Jan. 1 Mar. 18 May 2 Aug. 9 Oct. 20 Dec. 31 Balances Check My Work 2 more Check My Work uses remaining. Previous…Calculate the lowe, st-or-market c (a) Inventory a ACCT101_FEX_2021_2_Male A company reported the following data related to its ending inventory 957 95 95abe be1 3 SR1,100 Product Per Market Total on Hand Unit Cost Total abes 33 Cost 100 SR10 SR1,000 75 5a 18 20 16 95abe18ce 14 1,200 60 1,050 95abe18ce33 14 13 840 40 780 640 800 .ce3 the lower-of-cost-or-market on the: SR3,680 SR3,730 Calculate (a) Inventory as a whole (b) inventory applied separately to each product. 95abe1e 95abe18ce 33 MacBook Pro 95abe F3 000 F4 F5 F6 F7 50 DII & F8 6 7 7 V DD F9 T 8A F10 **** Y Co **** U **** **** O [P1 6E 6. R SA4 II
- Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 14 $102 $1,428 Sept. 12 Purchases 48 105 5,040 Sept. 19 Purchases 50 106 5,300 Sept. 26 Purchases 23 23 107 2,461 Totals 135 $14,229 (a) Compute the ending inventory at September 30 using the FIFO, LIFO and average-cost methods. (Round average cost per unit to 3 decimal places, e.g. 125.153 and final answers to O decimal places, e.g. 125.) The ending inventory at September 30 $ FIFO $ LIFO $ AVERAGE COST (b) Compute the cost of goods sold at September 30 using the FIFO, LIFO and average-cost methods. (Round average cost per unit to 3 decimal places, e.g. 125.153 and final answers to O decimal places, e.g. 125.) Cost of goods sold EA FIFO +A $ LIFO AVERAGE-COST $DATE DETAILS UNITS COST PER UNIT 1 OPENING INVENTORY 20 R85 7 Purchases 23 R90 16 Purchases 33 R95 25 Purchases 18 R100 31 Sales for the month 69 Calculate the value of closing inventory using the Weighted average cost inventory valuationmethod.March1 Beginning Inventory 60 units @ $15 per unit 5 Purchase 140 units @ $15.5 per unit 14 Sales 190 units @ $19 per unit 27 Purchase 70 units @ $16 per unit 29 Sales 30 units @ 19.50 per unit find the weighted average cost of good sale $1120 $4190 $3220 $3414
- Rapid Roller Inc. Adjusted Trial Balance December 31, 2018 Debit Credit 140,000 275,000 Cash Accounts Receivable Allowance for Doubtful Accounts $ 22,000 Notes Receivable 10,000 Supplies Inventory, 1/1/18 Equipment Accumulated Deperciation - Equipment 23,000 X1 950,000 1,250,000 300,000 Building Accumulated Deperciation - Building 2,000,000 450,000 Land 155,000 Accounts Payable 365,000 Salaries and Wages Payable Notes Payable Mortgage Payable Common Stock 24,000 125,000 1,750,000 Par $ 0.01 20,000 APIC 980,000 Retained Earnings (110,000) Dividends - Common 50,000 Sales Revenue 2,650,000 Sales Discounts 35,000 Sales Returns and Allowances 68,000 X2 Purchases 1,060,000 X3 Purchase Discounts 21,000 Freight In 19,000 195,000 X4 Selling Expenses $ Administrative Expenses $ 245,000 Rent Revenue 26,000 Income Tax Expense $ 325,000 Gain on Sale of Land 177,000 6,800,000 $ 6,800,000 The above adjusted trial balance does not include a balance for Cost of Goods Sold (COGS). The reason, the above…Number of Units Date Transaction Cost Apr. 1 Beginning inventory Apr.20 Purchase 480 $2.0 35e 2.68 Dunbar sold 590 unts of inentory during the month Endng inventory assuning welhted average cost would be decimal pisces and final enswer to the neerest doller amount)Unit Total Balance Date Date Explanation Units Cost Cost in Units June Jun-01 Beginning inventory 50 1.0 50 50 Jun-06 Purchase 50 1.2 60 100 Jun-10 Sales 20 80 Jun-13 Purchase 150 1.4 210 230 Jun-18 Sales 100 130 Jun-20 Purchase 100 1.6 160 230 Jun-30 Purchase 150 1.8 270 380 750 Round your answer to the nearest dollar. (eg $54.4.input as 54, $54.5 input as 55 ) (do not input comma ",", dollar sign "$" for numerical figures) FIFO Periodic System Cost of Good Sold Ending Inventory Average Cost Periodic System Cost of Good Sold Ending Inventory FIFO Perpetual System Cost of Good Sold Ending Inventory Average Cost Perpetual System Cost of Good Sold Ending Inventory
