Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Empire Stores experienced a computer malfunction that accidently wiped out some of the inventory details for the month of January. Management was able to partially

image text in transcribed

Empire Stores experienced a computer malfunction that accidently wiped out some of the inventory details for the month of January. Management was able to partially reconstruct the following spreadsheet for the month of January inventory transactions: Empire uses the perpetual inventory system and the weighted average cost flow assumption for valuing inventory. All units sold in January were priced at $72.00/unit. (a) Calculate amounts for (a) through (P) to Assist Empire's management by completing the table. (Round calculations for cost per unit to 4 decimal places, e.g. 10.5264 and other answers to O decimal places, e.g. 61,052.) COGS Sales Date Jan 1 Units 8,100 Cost/Unit $26.70 Amount $216,270 Beginnig Inventory 3 Sale (7,300 ) (c) $26.70 13 Purchase 4,300 $29.10 $125,130 5,100 $ $146,490 17 Purchase 700 $34.10 $23,870 5,800 + (0) $170,360 27 Sale (3,600 ) 2,200 0 S64,619 $29.3724 $36.50 29 Purchase $91,250 4, 700 0 ) $155,869 31 Sale Os (m) 1,800 $33.1639 Totals

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

Step: 3

blur-text-image

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

Understanding And Auditing Corporate Culture A Maturity Model Approach

Authors: Angelina K. Y. Chin, CIA, CRMA, CPA

1st Edition

1634540719, 978-1634540711

More Books

Students also viewed these Accounting questions

Question

What and where is the Quick Access Toolbar?

Answered: 1 week ago