Question
Date The following transactions occurred for the month of May. Units Cost Total Sales Price 1-May Beginning Balance 80 12 $960 2-May Purchase 85
Date The following transactions occurred for the month of May. Units Cost Total Sales Price 1-May Beginning Balance 80 12 $960 2-May Purchase 85 15 $1,275 3-May Purchase 65 11 $715 10-May Sale 90 $30 15-May Purchase 45 18 $810 17-May Sale 30-May Sale 55 105 $30 $30 Calculate the Cost of Goods Sold, Ending inventory, and Gross Profit for the month under Weighted Averages. Do not round the unit cost. Do round total costs to the nearest cent on each transaction. End of the month totals Cost of Goods Sold $ Ending Inventory S Gross Profit
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Cornerstones of Financial and Managerial Accounting
Authors: Rich, Jeff Jones, Dan Heitger, Maryanne Mowen, Don Hansen
2nd edition
978-0538473484, 538473487, 978-1111879044
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