Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Ruestion 3 [45 points] BC Inc. has the following purchases and sales during the year ended December 31, 2014 Sales Return nventory and Purchases Sales
Ruestion 3 [45 points] BC Inc. has the following purchases and sales during the year ended December 31, 2014 Sales Return nventory and Purchases Sales January 1.300 units @ $77/unit September 19 200 units March 1 450 units @ $80/unit November 28 300 units October 2 450 units @ $75/unit The units have a selling price of $90.00 per unit November 29 (300) units from November 28 Purchase Discount March 2 $3,600 regarding the March 1 purchase Calculate weighted average cost per unit of merchandise inventory to the nearest cent a) Fill in the following cost flow schedule using the weighted average system Purchases/Transportation-In/ Cost of Goods Sold/ (Purchase Returns/Discounts) (Returns to Inventory) Balance in Inventory Date Units Cost/Unit Total $ Units Cost/Unit Total $ Units AvgCost/Unit Total $ January 1 March 1 March 2 September 19 October 2 November 28 November 29 b) Based on the cost flow schedule, complete the following table. Total Units Total Cost of Units Total Total Cost Available for Sale Available for Sale Units Sold of Goods Sold Total Units in Total Cost of Units Ending Inventory in Ending Inventory
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