Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for WCS 1 2 are as follows: Oct. 1 Inventory 3 5 0 units at

Perpetual Inventory Using Weighted Average
Beginning inventory, purchases, and sales for WCS12 are as follows:
Oct. 1 Inventory 350 units at $8
13 Sale 200 units
22 Purchase 350 units at $10
29 Sale 300 units
a. Assuming a perpetual inventory system and using the weighted average method, determine the weighted average unit cost after the October 22 purchase. Round your answer to two decimal places.
$fill in the blank 1
per unit
b. Assuming a perpetual inventory system and using the weighted average method, determine the cost of goods sold on October 29. Round your "average unit cost" to two decimal places.
$fill in the blank 2
c. Assuming a perpetual inventory system and using the weighted average method, determine the inventory on October 31. Round your "average unit cost" to two decimal places.
$fill in the blank 3

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_2

Step: 3

blur-text-image_3

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

Acca F7 Financial Reporting Practice And Revision Kit

Authors: BPP Learning Media

1st Edition

1472726898, 978-1472726896

More Books

Students also viewed these Accounting questions