Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Swifty Company uses a periodic inventory system. For April, when the company sold 420 units, the following information is available. Units Unit Cost Total Cost

Swifty Company uses a periodic inventory system. For April, when the company sold 420 units, the following information is available.

Units

Unit Cost

Total Cost

April 1 inventory

240 $13 $ 3,120

April 15 purchase

440 16 7,040

April 23 purchase

320

17

5,440

1,000

$15,600

(a)

Correct answer icon

Your answer is correct.

Calculate weighted average cost per unit. (Round answer to 2 decimal places, e.g. 2.76.)

Weighted average cost per unit

$enter weighted average cost per unit in dollars rounded to 2 decimal places

eTextbook and Media

Attempts: 1 of 3 used

(b)

Partially correct answer icon

Your answer is partially correct.

Compute the April 30 inventory and the April cost of goods sold using the average-cost method. (Round answers to 0 decimal places, e.g. 2,760.)

Ending inventory

$enter the ending inventory in dollars rounded to 0 decimal places

Cost of goods sold

$enter the cost of goods sold in dollars rounded to 0 decimal places

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

Principles Of Accounting 2

Authors: OpenStax

1st Edition

0357366808, 9780357366806

More Books

Students also viewed these Accounting questions