Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Q8-3: A business purchases inventory stock on four separate occasions. Purchased 3,500 units at a total cost of 8,050; Purchased 3,000 units at a total

Q8-3: A business purchases inventory stock on four separate occasions. Purchased 3,500 units at a total cost of 8,050; Purchased 3,000 units at a total cost of 7,110; Purchased 4,000 units at a total cost of 9,600; and Sold 5,995 units at a total price of 24,760. Each purchase was completed in the order provided within the same period. Match the inventory method with the correct cost of sales and the correct value of inventory. (What position does 1 through 4 below fit each answer?)

____ 3,896.75

____ 13,963

____ 14,148.20

____ 4,082

1. weighted average method for cost of sales

2. first in-first out method for cost of sales

3. weighted average method for the value of inventory

4. first in-first out method for the value of inventory

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

Financial Accounting

Authors: Jamie Pratt, Michael F Peters

11th Edition

1119745322, 978-1119745327

More Books

Students also viewed these Accounting questions

Question

BPR always involves automation. Group of answer choices True False

Answered: 1 week ago

Question

2. Information that comes most readily to mind (availability).

Answered: 1 week ago

Question

3. An initial value (anchoring).

Answered: 1 week ago