Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Calculate the Moving-average cost per unit at January 1, 5, 8, 10, 15, 16, 20, & 25. And what is FIFO) cost of goods, ending

image text in transcribedimage text in transcribed

Calculate the Moving-average cost per unit at January 1, 5, 8, 10, 15, 16, 20, & 25.

And what is FIFO) cost of goods, ending inventory, and gross profit. LIFO) cost of goods, ending inventory, and gross profit. Moving-Average) cost of goods, ending inventory, and gross profit.

I don't use excel so if someone could answer it without it and show the work I'd appreciate it. I am wanting to learn the process not just answers. Thanks!

Concord Inc. is a retailer operating in British Columbia. Concord uses the perpetual inventory method. All sales returns from customers result in the goods being returned to inventory; the inventory is not damaged. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Concord Inc. for the month of January 2020. Unit Cost or Selling Price Date Quantity 100 1 $14 142 17 Description Beginning inventory Purchase Sale Sale return Purchase 111 29 10 January January 5 January 8 January 10 January 15 January 16 January 20 January 25 29 55 19 Purchase return 5 19 91 33 Sale Purchase 19 21 Calculate the Moving average cost per unit at January 1, 5, 8, 10, 15, 16, 20, & 25. (Round answers to 3 decimal places, e.g. 5.251.) Moving-Average Cost per unit January 1 14 January 5 15.76 January 8 15.76 January 10 15.76 January 15 16.67 X January 16 16.67 X January 20 16.67 x January 25 17.36

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

Security Audit And Control Features Oracle E Business Suite

Authors: Deloitte Touche Tohmatsu Research Team And Isaca

3rd Edition

1604201061, 978-1604201062

More Books

Students also viewed these Accounting questions

Question

3. Evaluate your listeners and tailor your speech to them

Answered: 1 week ago