The following inventory transactions took place for Sunland Ltd. for the year ended December 31, 2020:...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The following inventory transactions took place for Sunland Ltd. for the year ended December 31, 2020: Date Event Cost/ Selling Quantity Price Jan 1 opening inventory 19,400 $46.75 Jan 5 sale 6,700 73.55 Feb 15 purchase 33,800 43.95 Mar 10 purchase 9,300 50.25 May 20 sale 40,500 73.55 Aug 22 purchase 13,600 41.85 Sep 12 sale 17,900 73.55 Nov 24 purchase Dec 5 sale 9,300 47.00 15,700 73.55 Calculate the ending inventory balance for Sunland Ltd., assuming the company uses a periodic inventory system and the weighted average cost formula. Also calculate the per-unit cost of the last item sold. (Round weighted average cost and unit costs of next unit to be sold to 2 decimal places, e.g. 52.75 and ending inventory to 0 decimal places, e.g. 5,275.) Ending Inventory Unit Cost of the last item Sold The following inventory transactions took place for Sunland Ltd. for the year ended December 31, 2020: Date Event Cost/ Selling Quantity Price Jan 1 opening inventory 19,400 $46.75 Jan 5 sale 6,700 73.55 Feb 15 purchase 33,800 43.95 Mar 10 purchase 9,300 50.25 May 20 sale 40,500 73.55 Aug 22 purchase 13,600 41.85 Sep 12 sale 17,900 73.55 Nov 24 purchase Dec 5 sale 9,300 47.00 15,700 73.55 Calculate the ending inventory balance for Sunland Ltd., assuming the company uses a periodic inventory system and the weighted average cost formula. Also calculate the per-unit cost of the last item sold. (Round weighted average cost and unit costs of next unit to be sold to 2 decimal places, e.g. 52.75 and ending inventory to 0 decimal places, e.g. 5,275.) Ending Inventory Unit Cost of the last item Sold
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
What personal qualities do you think are necessary for a couple with children to have successful careers? How would you select for those qualities? Explain.
-
How do psychologists study the degree to which development is an interaction of hereditary and environmental factors?
-
The impact of three different advertising techniques is being studied by a marketing firm. Sales, in thousand dollars, categorized in four groups are shown for each advertising technique for 200...
-
Find the present value of the following ordinary annuities (see the Notes to Problem 4-12). a. $400 per year for 10 years at 10% b. $200 per year for 5 years at 5% c. $400 per year for 5 years at 0%...
-
Which of the following are true of implementation? (Select all that apply.) Question 3 options: Implementation may be more important than strategy. Implementation is also known as execution. Nearly...
-
Create a contingency plan (at least 2 scenarios) about a metal industry that answers the following: Risk Event: Response: Contingency Plan: Trigger: Who is responsible?
-
In the midst of closing procedures, Park Corporation's accountant became ill and was hospitalized. You have volunteered to complete the closing of the books, and you find that all revenue and expense...
-
Closing Entries Use the information provided in E3-11A to prepare journal entries to close the accounts using the Income Summary account. After these entries are posted, what is the balance in the...
-
Easy Roller, Inc., manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows: Easy Roller had the following actual results for the past year....
-
Crystal Ball Company (CBC) bases its fixed overhead rate on practical capacity of 30,000 units per year. Budgeted and actual results for the most recent year follow: Required: Calculate the following...
-
Access a leadership competency assessment tool of your choice. Review your scores to identify strengths as well as areas to further develop. Given your current strengths, how would you conceptualize...
-
What is the marketing pyramid called with promoter purchase premium positioning and presence
-
Why is experience often referred to not only as an expensive basis for decisionmaking, but also as a dangerous one? How can a manager make the best use of experience?
-
Update your LinkedIn Profile and follow the companies that you find interesting.
-
In a decision problem you now know of, how and where would you apply the principle of the limiting factor? Did you apply this principle in selecting the class or section of the class you are...
Study smarter with the SolutionInn App