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

image text in transcribed
image text in transcribed
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 22 units with a unit cost of $16. Durch Bale Date Unite Unit Coat Unit Unit Price Oct. 312 17 Oct. 6 17 52 Oct. 12 22 19 Ont. 19 22 052 Oct. 23 32 21 Oct. 30 27 $52 Det. 31 17 22 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) Ending Inventory Cost of Goods Sold FIFO b. Moving weighted average 2. Using your calculations in Parts, complete the following table: (Do not round Intermediate calculations. Round the final answers to nearest dollar) FO Moving Weighted Average Cost of goods sold Grous profit 3-a. Which method produce the higher gross profit? FIFO Moving weighted average 3-b. Which method produce the higher ending Inventory balance? FIFO Moving weighted average 4. Calculate the gross profit percentage for FIFO and Moving weighted average for the month of October. (Round the final answers to the nearest whole number.) Gross Profit percentage 1. FIFO 2. Moving weighted average % %

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

Accounting A Smart Approach

Authors: Mary Carey, Jane Towers-Clark, Cathy Knowles

2nd Edition

0199674914, 978-0199674916

More Books

Students also viewed these Accounting questions

Question

=+how might their legitimacy be improved?

Answered: 1 week ago