Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Perpetual inventory using weighted average Beginning inventory, purchases, and sales for WCS12 are as follows: a. Assuming a perpetual inventory system and using the weighted

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed Perpetual inventory using weighted average Beginning inventory, purchases, and sales for WCS12 are as follows: 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. $X 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. $x 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. $ X Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of goods sold on October 24 and (b) the inventory on October 31. a. Cost of goods sold on October 24 b. Inventory on October 31 Periodic inventory using FIFO, LIFO, and weighted average cost methods The units of an item available for sale during the year were as follows: There are 15 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (a) first-in, first-out (FIFO) method; (b) last-in, first-out (LIFO) method; and (c) weighted average cost method (round per-unit cost to two decimal places and your final answer to the nearest whole dollar). a. First-in, first-out (FIFO) method b. Last-in, first-out (LIFO) method Beginning inventory, purchases, and sales for Item 88HX are as follows: Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on July 27 and (b) the inventory on July 31. a. Cost of goods sold on July 27 b. Inventory on July 31

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

Step: 3

blur-text-image

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

Auditing A Complete Guide Practical Tools For Self Assessment

Authors: Gerardus Blokdyk

1st Edition

0655424571, 978-0655424574

More Books

Students also viewed these Accounting questions

Question

c. What were you expected to do when you grew up?

Answered: 1 week ago