Question
a) Fill in the missing numbers in the inventory schedule using the weighted-average cost inventory valuation method. This company uses the perpetual inventory system. Do
a) Fill in the missing numbers in the inventory schedule using the weighted-average cost inventory valuation method. This company uses the perpetual inventory system.
Do not enter dollar signs or commas in the input boxes. Round all answers to 2 decimal places. When calculating the unit cost, round to 2 decimal places as well.
Inventory Schedule | |||||||
Purchases | Sales | Balance | |||||
Transaction | Description | Quantity | Amount | Quantity | Amount | Quantity | Amount |
Opening Balance | 0 | $ 0 | |||||
#1 | Purchase from AAA Co. | 400 | $4,000.00 | Answer | $Answer | Answer
| $Answer
|
#2 | Sale to SSS Co. | Answer | $Answer | Answer
| $Answer
| 200 | $2,000.00 |
#3 | Sale to TTT Co. | Answer | $Answer | 100 | $Answer
| Answer
| $Answer
|
#4 | Purchase from BBB Co. | 80 | $1,280.00 | Answer | $Answer | Answer
| $Answer
|
#5 | Sale to UUU Co. | Answer | $Answer | 30 | $Answer
| Answer
| $Answer
|
b) If the FIFO method had been used, what would the value of COGS been for the sale to UUU Co.?
COGS = $Answer
c) If the specific identification method had been used, what would the value of COGS been for the sale to UUU Co.? Assume all the units were purchased from BBB Co.
COGS = $Answer
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