Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Case Defence sells smartphone cases and uses the perpetual inventory system. The following is information on the purchases and sales of Defender Box cases. On

Case Defence sells smartphone cases and uses the perpetual inventory system. The following is information on the purchases and sales of "Defender Box" cases. On October 1, Case Defence had 27 units with a unit cost of $21. Purchases Sales Date Oct. 3 Units Unit Cost Units Unit Price Oct. 6 Oct. 12 22 17 22 22 $57 27 24 Oct. 19 27 $57 30 Oct. 23 37 26 Oct. 30 32 $57 Oct. 31 223 27 Required: 1. Calculate the dollar value of cost of goods sold and ending inventory for the month of October using the following methods. (Do not round intermediate calculations. Round weighted average all unit costs to two decimal places and round all other numbers to the nearest dollar.) a. FIFO Cost of Goods Soldi Ending Inventory $ 1,296 $ 1,849 4044) 830 PM Required: 1. Calculate the dollar value of cost of goods sold and ending inventory for the month of October using the following methods round intermediate calculations. Round weighted average all unit costs to two decimal places and round all other number nearest dollar.) Ending Inventory Cost of Goods Sold ded a. FIFO $ 1,296 1,849 b. Moving weighted average $ 1,264 1,817 15 2. Using your calculations in Part 1, complete the following table: (Do not round intermediate calculations. Round the final a nearest dollar.) Sales Cost of goods sold Gross profit 555 FIFO Moving Weighted Average 4,617 $ 4,617 1,849 $ 1,959 2,768 $ 2,658 EN U

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

Management Accounting A Decision Emphasis

Authors: Don T. DeCoster, Eldon L. Schafer, Mary T. Ziebell

4th Edition

0471637130, 978-0471637134

More Books

Students also viewed these Accounting questions