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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 +
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