Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Putter's Paradise carries an inventory of putters and other golf clubs. The sales price of each putter is $105. Company records indicate the following for
Putter's Paradise carries an inventory of putters and other golf clubs. The sales price of each putter is $105. Company records indicate the following for a particular line of Putter's Paradise's putters: (Click the icon to view the records.) Read the requirements. Requirement 1. Prepare Putter's Paradise's perpetual inventory record for the putters assuming Putter's Paradise uses the weighted-average inventory costing method. Round weighted-average cost per unit to the nearest cent and all other amounts to the nearest dollar. Then identify the cost of ending inventory and cost of goods sold for the month. Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of inventory purchased, sold, and on hand at the end of the period. Purchases Inventory on Hand Unit Total Cost of Goods Sold Unit Total Quantity Cost Cost Date Quantity Cost Cost Unit Total Quantity Cost Cost 19 $ 80$ 1,520 5$ $ 80 $ 400 Nov. 1 Nov. 6 14 $ 80 $ 1,120 Nov. 8 501 9111 4550 55 85.5 4702.5 Round weighted-average cost per unit to the nearest cent and all other amounts to t De all of the transactions have been entered into the perpetual record, calculate the qu Data Table - X Date Item Nov. 1 Balance Quantity Unit Cost 19 $ 80 14 Nov. 6 Sale Nov. 8 Purchase 50 91 Nov. 17 Sale 50 Nov. 30 Sale 3 Print Done Clear All Round weighted-average cost per unit to the nearest cent and all other amounts to t De all of the transactions have been entered into the perpetual record, calculate the qu Data Table - X Date Item Nov. 1 Balance Quantity Unit Cost 19 $ 80 14 Nov. 6 Sale Nov. 8 Purchase 50 91 Nov. 17 Sale 50 Nov. 30 Sale 3 Print Done Clear All
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