Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Carla Vista Co. uses a periodic inventory system. Its records show the following for the month of April, with 27 units on hand at April

Carla Vista Co. uses a periodic inventory system. Its records show the following for the month of April, with 27 units on hand at April 30:

Units Unit Cost Total Cost

April 1

Inventory

29 $9 $261

12

Purchases

50 12 600

16

Purchases

16 10 160

Total

95 1,021

Calculate the ending inventory and cost of goods sold at April 30 using the FIFO and weighted average cost formulas. (Round the weighted average cost per unit to 2 decimal places, e.g. 52.75 and final answers to 0 decimal places, e.g. 5,275.)

FIFO Weighted average

Ending Inventory

$enter a dollar amount $enter a dollar amount

Cost of Goods Sold

$enter a dollar amount $enter a dollar amount

Prove the cost of goods sold calculations. (Round the average cost per unit to 2 decimal places, e.g. 52.75 and final answers to 0 decimal places, e.g. 5,275.)

Check of Cost of Goods Sold (FIFO):
Units Unit Cost Total Cost

Apr. 1

enter a number of units $enter a dollar amount $enter a dollar amount

Apr. 12

enter a number of units enter a dollar amount enter a dollar amount
enter a total number of units $enter a total amount

Weighted Average

Check of Cost of Goods Sold: enter a number of units $enter a dollar amount per unit = $enter a total amount

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

The Speed Of Risk Lessons Learned On The Audit Trail

Authors: Richard F. Chambers, CIA, QIAL, CGAP, CCSA, CRMA

2nd Edition

163454059X, 978-1634540599

More Books

Students also viewed these Accounting questions

Question

What type of charge was made against Arthur Andersen?

Answered: 1 week ago

Question

c. What were you expected to do when you grew up?

Answered: 1 week ago

Question

4. Describe how cultural values influence communication.

Answered: 1 week ago

Question

3. Identify and describe nine cultural value orientations.

Answered: 1 week ago