Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Top Gun Company uses a perpetual inventory system. The company began ia 2021 with 1,000 High powered water guns in inventory at a cost of

image text in transcribed
Top Gun Company uses a perpetual inventory system. The company began ia 2021 with 1,000 High powered water guns in inventory at a cost of $12 each. During 2021 . Top Gun had the following purchases and sales of water guns: All purchases and sales are on acceunt. Requiredi: a. Calculate the costofggods seld and collog inventor using moving weighted average and FIFO (Hint: Round the weighted average cost per unit to two decimal places). (5+5 Marks) b. Prepare journal entries to record the June 6 parchase and the October 18 sales under both methods.(12.Marks) c. Calcalate Gross profit under both methods.(4 Marks)

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

IT Audit In China

Authors: LIU Ruzhuo

1st Edition

981428145X, 978-9814281454

More Books

Students also viewed these Accounting questions

Question

What is behind the current obesity pandemic?

Answered: 1 week ago