Question
Samuelson and Messenger (S&M) began 2018 with 200 units of its one product. These units were purchased near the end of 2017 for $25 each.
Samuelson and Messenger (S&M) began 2018 with 200 units of its one product. These units were purchased near the end of 2017 for $25 each. During the month of January, 100 units were purchased on January 8 for $28 each and another 200 units were purchased on January 19 for $30 each. Sales of 125 units and 100 units were made on January 10 and January 25, respectively. There were 275 units on hand at the end of the month. S&M uses a perpetual inventory system. Required: 2. Complete the below table to calculate ending inventory and cost of goods sold for January using average cost method
PLEASE HELP ME
Inventory on hand Cost of Goods Sold Perpetual Average |#Of units!Cos | Inventory | # of units | Avg. Cost per unit | Cost of Goods unit Value sold Sold Beginning Inventory Purchase January 8 Subtotal Average Cost Sale - January 10 Subtotal Average Cost Purchase January 19 Subtotal Average Cost Sale January 25 Total 200 25.00 $ 5,000 100 300 125 26.50 425 200 625 100 725 2,800 7,800 3,313 11,113 6,000 17,113 2,782 $ 19,895 28.00 30.00 27.82Step 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