Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Chapter 6 Fill-in-the-Blank Equations 1. Weighted average unit cost (under periodic inventory system) Total costs of units available for sale/ 2. Net realizable value Direct

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

Chapter 6 Fill-in-the-Blank Equations 1. Weighted average unit cost (under periodic inventory system) Total costs of units available for sale/ 2. Net realizable value Direct costs of disposal 3.Cost of merchandise sold/Average inventory 4. Number of days' sales in inventory Average inventory/ 6. Using a) FIFO, b) LIFO, and c) weighted-average cost methods, calculate gross profit and ending inventory. The company uses a specific identification inventory cost flow method. On October 21, the company sold 5 units for $90 each. Date Units Cost/unit Iotal cost 42 Oct. 2 Purchase 2 7 Purchase 2 12 Purchase 1 18 Purchase 4 S21 $22 $28 28 $30120 Total Inventories With the information below, calculate the cost of merchandise sold for the month of October. The company uses a FIFO perpetual inventory system. The company did not have any beginning inventory 7. Date Oct. 1 Purchase Units Cost/unit Total cost S40 $42 10 12 $400 504 5 10 15 22 Purchase Sale of 7 units Purchase Sale of 10 units 15 $43 645 At the beginning of November, Big Zero has an inventory balance of 20 units with a cost of $20 each. Assuming Big Zero uses a FIFO perpetual inventory system, calculate Big Zero's cost of merchandise sold for the month if the company has the following purchases and sales. 8. Units Cost/unit Iotal Cost Nov.3 Sale of 15 units 8 Purchase 12 Purchase 6 $22 3 S27 $132 81 15 Sale of 10 units

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

Students also viewed these Accounting questions

Question

2. What could have been done to prevent this from happening?

Answered: 1 week ago