Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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. All unit cost calculations should be rounded to 2 decimal places as well. Inventory Schedule Purchases Sales Balance Transaction Description Quantity Amount Quantity Amount Quantity Amount Opening Balance 0 $ 0 May 5 Purchase from AAA Co. 400 $4,800.00 Answer $Answer Answer 400

$Answer 4800

May 7 Sale to SSS Co. Answer $Answer Answer

$Answer

200 $2,400.00 May 13 Sale to TTT Co. Answer $Answer 100 $Answer

Answer

$Answer

May 15 Purchase from BBB Co. 70 $1,120.00 Answer $Answer Answer

$Answer

May 24 Sale to UUU Co. Answer $Answer 30 $Answer

Answer

$Answer

May 28 Purchase from CCC Co. 70 $980.00 Answer $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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Recommended Textbook for

Entrepreneurial Financial Management An Applied Approach

Authors: Jeffrey R. Cornwall, David O. Vang, Jean M. Hartman

4th Edition

0765646854, 978-0765646859

More Books

Students also viewed these Accounting questions

Question

14.4 Analyze in detail three basic causes of accidents.

Answered: 1 week ago