Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed

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 27 Description Units Unit Cost Total Cost Purchase 12 $ 8 $ 96 June 28 June 29 Purchase 38 9 342 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Calculate the cost of ending inventory and the cost of goods sold under Weighted Average Cost. (Do not round intermediat values. Round your answers to 2 decimal places.) Cost of Ending Inventory Cost of Goods Sold Weighted Average Cost < Required 2 Required 3

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_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cost Accounting A Managerial Emphasis

Authors: Charles T. Horngren, Srikant M. Datar, George Foster

12th edition

131495380, 978-0131495388

More Books

Students also viewed these Accounting questions