Answered step by step
Verified Expert Solution
Link Copied!

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

image text in transcribed

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

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

The Principles And Practice Of Auditing

Authors: George Puttick, Sandra Van Esch

8th Edition

0702156914, 978-0702156915

More Books

Students also viewed these Accounting questions