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

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 hed 21 units with a unit cost of $15 Purchases Sales Date Units Unit Cost Units Unit Price Oct 3 11 16 Oct. 6 16 $ 51 Oct 12 21 18 Oct 19 21 $51 Oct 23 31 20 Oct 30 26 $51 Oct 31 16 21 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 Part 1, complete the following table (Do not round intermediate calculations. Round the final answers to nearest dollar) FIFO Moving Weighted Average Sales Cost of goods sold Gross promet 3-1. Which method produce the higher gross prot? O FIFO O Moving weighted average 3-5. Which method produce me higher ending inventory balance? O 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 FFO 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 Principles Volume 2 Chapters 13 To 26

Authors: Jerry J. Weygandt

11th Edition

1118342070, 978-1118342077

More Books

Students also viewed these Accounting questions

Question

Distinguish among three variations of the consumer purchase? lPO05

Answered: 1 week ago