Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The stock movements of the company for October 2019 are as follows: 1 October 2019 per period 1,000 pieces of stock (unit cost 100 TL).

The stock movements of the company for October 2019 are as follows:

1 October 2019 per period 1,000 pieces of stock (unit cost 100 TL).

On October 3, 2019, 2,000 units were purchased at 120 TL. 12.000 TL was paid for the transportation.

On October 5, 2019, 1,500 units were sent to production.

100 of the stocks purchased on October 7, 2019 and October 3 were returned to the seller.

On 12 October 2019, 2,000 units were purchased for 130 TL.

On October 18, 2019, 2,400 units were purchased at 124 TL. 26.400 TL was paid for the transportation.

On 22 October 2019, 4,000 units were sent to production.

1,000 of the 4,000 units sent for production on 28 October 2019 were returned to the stock warehouse.

On October 26, 2019, 3,000 units were purchased at 132 TL.


Wanted:

a) Stock movements to the stock card using the Moving Weighted Average Method record the inventory cost used in production and the cost of inventory at the end of the period. calculate.

b) Weighted Average the cost of inventory used in production and the cost of inventory at the end of the period.

Calculate using the Intermittent Inventory Method with the Method.

Results found with the Continuous Inventory Method and the Intermittent Inventory Method

Explain why the results are the same or different by comparing them.

Step by Step Solution

3.52 Rating (162 Votes )

There are 3 Steps involved in it

Step: 1

Weighted Average cost of inventory used in production Cost of inventory sent to producti... 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

Intermediate Accounting IFRS

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield

3rd edition

1119372933, 978-1119372936

More Books

Students also viewed these Accounting questions

Question

Explain the factors that determine the degree of decentralisation

Answered: 1 week ago

Question

What Is acidity?

Answered: 1 week ago

Question

Explain the principles of delegation

Answered: 1 week ago

Question

State the importance of motivation

Answered: 1 week ago

Question

Discuss the various steps involved in the process of planning

Answered: 1 week ago

Question

What is a make-or-buy decision?

Answered: 1 week ago

Question

What was the accounting Big Bang in Japan?

Answered: 1 week ago