Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Calculating Weighted-Average Cost Inventory Values. The Mann Corporation began operations in 2011. Information relating to the company's purchases of inventory and sales of products for

Calculating Weighted-Average Cost Inventory Values. The Mann Corporation began operations in 2011. Information relating to the company's purchases of inventory and sales of products for 2011 and 2012 is presented below.

2011
March 1 Purchase 200 units @ $40 per unit
June 1 Sold 120 units @ $100 per unit
September 1 Purchase 100 units @ $56 per unit
November 1 Sold 130 units @ $100 per unit

2012
March 1 Purchase 100 units @ $64 per unit
June 1 Sold 80 units @ $120 per unit
September 1 Purchase 100 units @ $72 per unit
November 1 Sold 100 units @ $140 per unit

Calculate the weighted-average cost of goods sold and ending inventory for 2011 and 2012 assuming use of (a) the periodic method and (b) the perpetual method.

a. Weighted-Average Periodic. Do not round your cost per unit. Do not round until your final answer. Round your answers to the nearest whole number.

2011
Cost of goods sold $Answer
Ending inventory $Answer

2012
Cost of goods sold $Answer
Ending inventory $Answer

b. Weighted-Average Perpetual. Do not round your cost per unit. Do not round until your final answer. Round your answers to the nearest whole number.

2011
Cost of goods sold $Answer
Ending inventory $Answer

2012
Cost of goods sold $Answer
Ending inventory $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

Campaign Finance Reform

Authors: Melissa M. Smith, Glenda C. Williams, Larry Powell, Gary A. Copeland

1st Edition

0739145657, 978-0739145654

More Books

Students also viewed these Finance questions

Question

2. Define identity.

Answered: 1 week ago

Question

1. Identify three communication approaches to identity.

Answered: 1 week ago

Question

4. Describe phases of majority identity development.

Answered: 1 week ago