Question
Camino Tires Company Inventory Transactions Camino Tires Company uses a perpetual inventory system for its business. During March, the company had the following merchandising transactions.
Camino Tires Company Inventory Transactions
Camino Tires Company uses a perpetual inventory system for its business. During March, the company had the following merchandising transactions.
| Date | Transaction | Tires | Cost | Total |
| Mar 1. | Beginning Inventory | 25 | $ 160.00 | $4,000.00 |
| Mar 3. | Purchase | 30 | $ 190.00 | $5,700.00 |
| Mar 11. | Purchase | 15 | $ 230.00 | $3,450.00 |
| Date | Transaction | Tires | Sales Price | Total |
| Mar 30. | Sale | 45 | $ 300.00 | $13,500.00 |
Required:
Calculate the following using the Weighted Average Inventory Costing Method.
Number of tires sold = 45
Enter only numbers. DO NOT ENTER DOLLAR SIGNS ($)
1. Cost of Goods Sold:
| Number of Tires Sold | Weighted Average Cost | Total |
2. Ending Inventory:
| Number of Tires in Ending Inventory | Weighted Average Cost | Total |
3. Cost of Goods Available for Sale:
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The Quality Audit Handbook
Authors: Asq Quality Audit Division, J. P. Russell
2nd Edition
087389460X, 978-0873894609
