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: Date Line Item Description Value Oct. 1 Inventory

Perpetual inventory using weighted average
Beginning inventory, purchases, and sales for WCS12 are as follows:
Date Line Item Description Value
Oct. 1 Inventory 340 units at $10
Oct. 13 Sale 170 units
Oct. 22 Purchase 330 units at $11
Oct. 29 Sale 400 units
a. Assuming a perpetual inventory system and using the weighted average method, determine the weighted average unit cost after the October 22 purchase. Round your answer to two decimal places.
fill in the blank 1 of 1$ 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 1 of 1$
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 1 of 1$
Feedback Area

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

Financial Accounting

Authors: Walter Jr. Harrison, Charles T. Horngren, C. William Thomas, Greg Berberich, Catherine Seguin

6th Canadian edition

134564146, 978-0134141091, 134141091, 978-0134564142

More Books

Students also viewed these Accounting questions