Question
On December 31, 2021, Dewing Toilet Manufacturing Company provided the following information for one of its top-selling toilets: Date Transaction Units Cost Price/ Sale Price
On December 31, 2021, Dewing Toilet Manufacturing Company provided the following information for one of its top-selling toilets:
| Date | Transaction | Units | Cost Price/ Sale Price |
| Dec. 1 | Beginning Inventory | 26 | $197 (each - Cost Price) |
| 5 | Sale | (12) | 300 (each - Sale Price) |
| 12 | Purchase | 65 | 210 (each - Cost Price) |
| 16 | Sale | (50) | 300 (each - Sale Price) |
| 19 | Purchase | 38 | 215 (each - Cost Price) |
| 22 | Sale | (62) | 300 (each - Sale Price) |
Dewling Toilet Manufacturing Company uses a perpetual inventory system. Using the above information, flush out your answer to the following questions. Plunge into the weighted-average method of costing inventory to answer the following questions: 1. What is the cost of goods sold for the month of December? 2. What is the gross profit for the month of December? 3. What is the total number of units in inventory at the end of December? 4. What is the total cost of the units in inventory at the end of December?
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Accounting What The Numbers Mean
Authors: David Marshall, Wayne William McManus, Daniel Viele
6th Edition
0072834641, 978-0072834642
