Requirement 3. Compute cost of goods sold and gross profit using the weighted-average inventory costing method. (Round weighted average cost per unit to the nearest cent and all other amounts to the nearest dollar.) Begin by computing the cost of goods sold and cost of ending merchandise inventory using the weighted-average inventory costing method. 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 merchandise inventory purchased, sold, and on hand at the end of the period.
Requirement 3. Compute cost of goods sold and gross profit using the weighted-average inventory costing method. (Round weighted average cost per unit to the nearest cent and all other amounts to the nearest dollar.) Begin by computing the cost of goods sold and cost of ending merchandise inventory using the weighted average inventory costing method. 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 merchandise inventory purchased, sold, and on hand at the end of the period. Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Dec. 1 11 23 26 29 Totals Compute gross profit using the weighted average inventory costing method. Gross profit is $ using the weighted average inventory costing method. Requirement 4. Which method results in the largest gross profit, and why? The method results in the largest gross profit because during times of inventory prices, this method will produce the V cost of goods sold. Enter any number in the edit fields and then continue to the next question. pule COSI Or goods Sold gross Pront using the Cosung men Begin by computing the cost of goods sold and cost of ending merchandise inventory the transactions have been entered into the perpetual record, calculate the quantity ulating new inventory on hand balances after each transacti (Enter the oldest inventory layers first.) Requirements Purchases Cost of Goods Sold Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost 1. Dec. 1 2. 11 Compute cost of goods sold and gross profit using the FIFO inventory costing method. Compute cost of goods sold and gross profit using the LIFO inventory costing method. Compute cost of goods sold and gross profit using the weighted average inventory costing method. (Round weighted-average cost per unit to the nearest cent and all other amounts to the nearest dollar.) Which method results in the largest gross profit, and why? 3. 23 4. 26 - X More Info 29 20 tires @ $ 63 each Dec. 1 Beginning merchandise inventory 11 Purchase 12 tires @ $ 87 each Totals 23 Sale 18 tires @ $ 101 each Compute gross profit using the FIFO inventory costing method. 26 Purchase 14 tires @ $ 90 each Gross profit is $ using the FIFO inventory costing me 29 Sale 101 each 16 tires @ $ Requirement 2 Camnute cost of anods sold and aross nrofit in Print Done Enter any number in the edit fields and then continue to the
