Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

5 ZZ Company employs a periodic inventory system and sells its inventory to customers for $39 per unit. ZZ Company had the following inventory information

5

image text in transcribed ZZ Company employs a periodic inventory system and sells its inventory to customers for $39 per unit. ZZ Company had the following inventory information available for June: June 1 Beginning inventory 1,100 units @ $22.10 cost per unit June 6 Purchased 3,400 units @ \$16.40 cost per unit June 11 Sold 3,000 units June 15 Purchased 1,300 units @ \$33.60 cost per unit June 19 Sold 1,200 units June 23 Purchase 3,700 units @ $20.70 cost per unit June 26 Sold 3,600 units June 28 Purchased 2,500 units @ $28.20 cost per unit During June, ZZ Company reported operating expenses of $18,000 and had an income tax rate of 36%. Calculate the dollar amount of ending inventory shown on ZZ Company's June 30 balance sheet using the weighted average method

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions