Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Exercise 6-4 Alternative cost flow assumptions-perpetual inventory system LO2 Sport Box sells a wide variety of sporting equipment. The following is information on the purchases

Exercise 6-4 Alternative cost flow assumptions-perpetual inventory system LO2 Sport Box sells a wide variety of sporting equipment. The following is information on the purchases and sales of their top selling hockey stick. The hockey stick sells for $130. Description 1 Bginning Inventory Mar. Mar. 3 Purchase Mar. 6 Purchase Mar. 17 Sale Mar. 23 Purchase Mar. 31 Sale Units 32 77 127 72 84 174 1. FIFO 2. Moving weighted average Unit Cost $57 $62 $67 Required: Calculate the cost of goods sold and ending inventory under the perpetual inventory system using the following methods. (Do not round your "Unit Cost" answers. Round all other intermediate and final answers to nearest whole dollar.) Cost of Goods Sold $ 67 Ending Inventory
image text in transcribed
image text in transcribed
Exercise 6-4 Alternative cost flow assumptions-perpetual inventory system LO2 Sport Box sells a wide variety of sporting equipment. The following is information on the purchases and sales of their top selling hockey stick. The hockey stick sells for $130. Required: Calculate the cost of goods sold and ending inventory under the perpetual inventory system using the following methods. (Do not round your "Unit Cost" answers. Round all other intermediate and final answers to nearest whole dollor.) Exercise 6-9 Moving weighted average cost flow assumption-perpetual LO2, 3 Telamark Company uses the moving weighted averoge method for inventory costing Required: The following incomplete inventory sheet regarding Product W506 is avallable for the month of March 2023. Complete the inventory sheet. (Use the value of the ending inventory as your bose number ond adjust the COGS $ omount to the required amount to make the Total Goods Available for Sale to the total of the Value of the ending inventory and the COGS total. Negative value should be indicated with minus sign. Round your intermediate and final onswers to 2 decimal places.)

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

Auditing Principles And Practice

Authors: Kumar And Sharma

3rd Edition

8120350987, 9788120350984

More Books

Students also viewed these Accounting questions

Question

Acceptance of the key role of people in this process of adaptation.

Answered: 1 week ago

Question

preference for well defined job functions;

Answered: 1 week ago