Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Problem VII: (8 pts) Talley Inc. has the following information available for October: + 30 Date Units Cost per unit Total Cost Oct 1 Beginning
Problem VII: (8 pts) Talley Inc. has the following information available for October: + 30 Date Units Cost per unit Total Cost Oct 1 Beginning inventory $120 $3,600 Oct 7 Purchase 25 left 70 $100 7,000 Oct 10 Sale (75) Oct 25 Purchase 95 $130 12,350 Oct 31 Sale (80) 22950 Required: Compute the cost of goods sold and the cost of ending inventory, respectively, assuming the perpetual weighted average method. Only the answers in the spaces will be graded. Clearly show calculations below or on scrap paper to receive partial credit. Important: For the perpetual weighted average" calculations, round per unit costs to the nearest penny. Perpetual Weighted-Average Cost of Goods Sold Accounting Check: Do your two answers add up to the total cost of goods available for sale? Cost of Ending Inventory Space for calculations: (add space or paper if necessary)
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