Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following information relates to Glassworks Ltd.s inventory transactions during the month of July. Please help calculate the weighted-average sections! The following information relates to

The following information relates to Glassworks Ltd.s inventory transactions during the month of July.

image text in transcribedPlease help calculate the weighted-average sections!

The following information relates to Glassworks Ltd's inventory transactions during the month of July. Units Cost/Unit Amount July 1 Beginning inventory 4,200 $12.00 $50,400 4 Purchase 5,800 $12.50 72,500 8 Sale 6,600 14 Sale 1,500 22 Purchase 5,260 $13.10 68,906 28 Sale 2,960 All of the units sold were priced at $20 per unit. (a) Your answer is partially correct. Glassworks Ltd. uses the perpetual inventory system. Calculate Glassworks' cost of goods sold, gross margin, and ending inventory for the month of July using: i. FIFO ii. weighted average (Round calculations for cost per unit to 4 decimal places, e.g. 10.5219 and final answers to O decimal places, e.g. 61,052.) Cost of Goods Sold Gross Margin Ending Inventory $ 136,786 $ 84,414 $ 55,020 i. FIFO Weighted- average $ 139,015 $ ji. 82,185 $ 52,791

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

Costing

Authors: Lucey

7th Edition

1844809439, 978-1844809431

More Books

Students also viewed these Accounting questions

Question

Did the authors address group similarities and differences?

Answered: 1 week ago

Question

2. Whats involved in listening?

Answered: 1 week ago

Question

1. How do listening and hearing diff er?

Answered: 1 week ago