E7-6 (Static) Weighted Average Cost Inventory Calculations [LO 7-3] Just One Product (JOP) began operating on...
Fantastic news! We've Found the answer you've been seeking!
Question:
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/6654e7ac28bcb_3646654e7ac1c81d.jpg)
Transcribed Image Text:
E7-6 (Static) Weighted Average Cost Inventory Calculations [LO 7-3] Just One Product (JOP) began operating on June 26 with no inventory on hand. It then made the purchases listed below. JOP sold and delivered 46 units on June 30. Date June Description 27 Purchase June 28 Purchase Units 12 38 Unit Cost Total Cost $ 8 9 $ 96 342 June 29 Purchase 20 11 220 Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory at June 30. 3. Calculate the cost of ending inventory and the cost of goods sold under Weighted Average Cost. E7-6 (Static) Weighted Average Cost Inventory Calculations [LO 7-3] Just One Product (JOP) began operating on June 26 with no inventory on hand. It then made the purchases listed below. JOP sold and delivered 46 units on June 30. Date June Description 27 Purchase June 28 Purchase Units 12 38 Unit Cost Total Cost $ 8 9 $ 96 342 June 29 Purchase 20 11 220 Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory at June 30. 3. Calculate the cost of ending inventory and the cost of goods sold under Weighted Average Cost.
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
Angela enrolls as a student at Local College during the current year. Before she starts school, her parents lend Angela $80,000 with the stipulation that she will lend the entire $80,000 back to...
-
Burnham Industries incurs these costs for the month: What is the prime cost? Direct materials Direct labor Factory depreciation expense Factory utilities expense CEO's salary $2,000 3,000 3,500 750...
-
Overton Co. had the following transactions during the current period. Mar. 2 _ Issued 5,000 shares of $1 par value ordinary shares to attorneys in payment of a bill for $30,000 for services performed...
-
Davis Corporation, a clothing retailer, engaged in the transactions that follow. Opposite each transaction is a ratio and space to mark the effect of each transaction on the ratio. Required Show that...
-
Recommendation on using artificial intelligence to address climate change: Financially, implementation and ethics
-
This is a discussion between two people. As a mini-assignment, the discussion prompt asks students to post statistical analyses they did with SPSS. After this, the teacher responds to the discussion...
-
13. Which statement is a multi-way selection statement? Why? (Dec 2018[R16])
-
21. Write any two bitwise operators with examples. (Jan-2020 [R18])
-
19.Describe the for Loop statements in 'C'. (May 2017[R15])
-
26.Write and explain the steps in writing a 'C' program. (May 2017[R16]) Explain typical steps for entering and compiling and executing C programs. (May/Jun 2019 [R18])
-
29.What is associativity? Illustrate its application in expression evaluation. (Aug 2017[R16]) What is the importance of precedence and associativity in evaluating an expression?
-
For the following vectors a find the dot product vw b find the angle between v and w c state whether the vectors are parallel orthogonal or neither v 3i 4j w 6i 8j a v w Simplify your answer O Points...
-
When would you, as a small business owner, prefer to receive a rsum than an application form? LO-3
-
What is the difference between a job analysis and a job description? LO-3
-
What are the differences between hard and soft issues during a job orientation? Is one more important than the other? LO-3
![Mobile App Logo](https://dsd5zvtm8ll6.cloudfront.net/includes/images/mobile/finalLogo.png)
Study smarter with the SolutionInn App