Question
The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 8,000 units at $40 Apr. 19 Sale
The following units of a particular item were available for sale during the calendar year:
Jan. 1 Inventory 8,000 units at $40
Apr. 19 Sale 5,000 units
June 30 Purchase 12,000 units at $48
Sept. 2 Sale 9,000 units
Nov. 15 Purchase 2,000 units at $50
The firm uses the weighted average cost method with a perpetual inventory system.
Determine the cost of merchandise sold for each sale and the inventory balance after
each sale. Present the data in the form illustrated in Exhibit 5.
The following units of a particular item were available for sale during the calendar year:
Jan. 1 Inventory 8,000 units at $40
Apr. 19 Sale 5,000 units
June 30 Purchase 12,000 units at $48
Sept. 2 Sale 9,000 units
Nov. 15 Purchase 2,000 units at $50
The firm uses the weighted average cost method with a perpetual inventory system.
Determine the cost of merchandise sold for each sale and the inventory balance after
each sale. Present the data in the form illustrated in Exhibit 5.
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
