Answered step by step
Verified Expert Solution
Question
1 Approved Answer
GH Inc. uses the Weighted Average cost formula in a perpetual inventory system. Fill in the missing amounts in the table below. Find COGS and
GH Inc. uses the Weighted Average cost formula in a perpetual inventory system. Fill in the missing amounts in the table below. Find COGS and Ending Inventory
Purchases | COGS | Balance on the floor | ||||||||
Date | Explanation | Units | Unit cost $ | Total $ | Units | Unit cost $ | Total$ | Units | Unit cost$ | Total$ |
Begin | Beginning Inventory | 100 | 80 | 8000 | ||||||
Oct.1 | purchase | 30 | 70 | 2100 | ||||||
Oct.2 | sale | 75 | ||||||||
Oct.4 | purchase | 20 | 65 | 1300 |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started