Question
Bianca sells water bottles for $5 each. At the start of this year, she had 10 bottles which had cost $2 each. Her first purchase
Bianca sells water bottles for $5 each. At the start of this year, she had 10 bottles which had cost $2 each. Her first purchase of the year (Jan 18) was at $3 per bottle and the second purchase (Jan 30) was at $4 per bottle. biancas water bottle purchase and sale summary for January is as follows:
Date | Quantity purchased | Quantity sold |
January 2 |
| 2 |
January 8 |
| 3 |
January 14 |
| 4 |
January 18 | 12 |
|
January 22 |
| 6 |
January 28 |
| 5 |
January 30 | 10 |
|
January 31 |
| 2 |
Assuming she uses the moving-weighted-average-cost method, what are Biancas journal entries for the Jan 22 and Jan 31 sales? Assuming she uses the Moving-Weighted-Average-Cost method, what is the value of Biancas ending inventory? Assuming she uses the Moving-Weighted-Average-Cost method, what is Biancas Cost of Goods Sold Expense for January?
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