Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Carla Vista Co uses a perpetual inventory system. The company began 2021 with 1,100 lamps in inventory at a cost of $13 per unit During

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Carla Vista Co uses a perpetual inventory system. The company began 2021 with 1,100 lamps in inventory at a cost of $13 per unit During 2021, Carla Vista had the following purchases and sales of lamps. February 15 April 24 June 6 October 18 December 4 Purchased Sold Purchased Sold Purchased 2.200 units @ $19 per unit 2.750 units @ $31 per unit 3,850 units @ $24 per unit 2,200 units @ $34 per unit 1.540 units @ $27 per unit All purchases and sales are on account Calculate the cost of goods sold and ending inventory using weighted average. (Round the weighted average cost per unit to three decimal places, e... 5.275 and final answers to decimal places, eg,5,275) Average Cost of goods sold Ending inventory $ Prepare journal entries to record the June 6 purchase and the October 18 sale. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts. Round the average cost per unit to three decimal places, eg 5.275 and final answers to decimal places, eg. 5,275.) Date Account Titles and Explanation June 6 Debit Credit (To record purchase on account.) Oct. 18 (To record sales on account) Oct 18 (To record cost of goods sold.) Calculate gross profit for the year (Round answer to to O decimal places, es, 5,275) Gross proft

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

A New Auditors Guide To Planning Performing And Presenting IT Audits

Authors: Nelson Gibb, CIA, CISA, CISSP, Divakar Jain, CA, CPA, Amitesh Joshi, Surekha Muddamsetti, Sarabjot Singh

1st Edition

0894136852, 978-0894136856

More Books

Students also viewed these Accounting questions

Question

Under what circumstances would you use a VLAN backbone?

Answered: 1 week ago