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During March, KC Company sells 9,600 watches for $350.00 each. The company has the following inventory purchase transactions for September: Date 1-Mar 7-Mar 24-Mar Transaction
During March, KC Company sells 9,600 watches for $350.00 each. The company has the following inventory purchase transactions for September: Date 1-Mar 7-Mar 24-Mar Transaction Beginning Inventory Purchase Purchase # of Units 500 6,700 2,800 Unit cost $207.00 $210.00 $211.00 Total Cost $103,500 1,407,000 590,800 $2,101,300 10,000 For questions 14 - 16 assume the company uses Weighted Average cost inventory valuation. 14. $. Calculate ending inventory (WA) 15. $ Calculate cost of goods sold (WA) 16. $_ _Calculate gross profit (WA) 17. Based on the above, which method would show a larger net income number? (FIFO, LIFO or WA)
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