Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Following is information regarding inventory transactions sold by Cantu Excavating. The transactions occured in the order shown. Date Transaction 1. Beginning inventory Units 3,000 Unit

Following is information regarding inventory transactions sold by Cantu Excavating. The transactions occured in the order shown. Date Transaction 1. Beginning inventory Units 3,000 Unit Cost $2.00 29/Jan 2. Purchase 9,000 2.40 14/Mar 3. Sales (at $12.50 per unit) 4,000 25/Apr 4. Purchase 12,000 2.80 06/Jun 5. Sales (at $14 per unit) 15,000 27/Jul 6. Purchase 3,000 3.00 a) Complete the table below, rounding unit costs to the nearest cent, and total costs to the nearest dollar. (1) FIFO.. (2) Moving average... Ending Inventory Cost of Goods Sold Gross Margin b) Record journal entries for the moving average cost method above. All sales and purchases are made on credit. Enter an appropriate description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (ie. January 15 would be 15/Jan). Please make sure your final answer(s) are accurate to 2 decimal places. Date General Journal Account/Explanation Page G5 PR Debit Credit +

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

Introduction To Financial Reporting With Powerpivot

Authors: Florent Cailly, Thomas Brajcich

1st Edition

1517437563, 978-1517437565

More Books

Students also viewed these Accounting questions

Question

=+ c. a company president deciding whether to open a new factory

Answered: 1 week ago