Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Dazzle Diamonds makes plastic power that sparkles. They purchase diamonds by the gram and have asked you to help them valuate their inventory using
Dazzle Diamonds makes plastic power that sparkles. They purchase diamonds by the gram and have asked you to help them valuate their inventory using three methods. Please use the data below: January Beginning Balance 35,800 pounds $13.78 per pound Purchase January 7th Purchase January 17th Purchase January 27th Purchase January 31st 72,650 pounds $8.74 per pound 95,620 pounds $7.93 per pound 81.340 pounds $8.00 per pound 45,070 pounds $12.85 per pound A physical inventory count revealed that there were 62.480 left in the warehouse and weren't sold. Calculate the inventory ending balance and cost of goods sold using the Weighted Average method. (2 answers required and round to two (2) decimal places).
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started