Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Triplex Company has a fiscal year end on December 31. The company has only one product in inventory, and all units of that product are
Triplex Company has a fiscal year end on December 31. The company has only one product in inventory, and all units of that product are identical (homogenous). The opening balance unit price is $16 per unit. Complete the following schedule to calculate the value of ending inventory using the weighted-average cost method under the perpetual inventory system. Then calculate the cost of goods sold for the year 2021. Do not enter dollar signs or commas in the input boxes. Round all answers to 2 decimal places. Date Purchases Sales Balance Quantity Cost Quantity Cost Quantity Value $ Jan 7 100 || 1600 Feb 11 38 $17.00 1382246 Mar 6 21 $19.00 1592645 $ 127 2112.52 Apr 20 32 $16.64 Jul 11 18 $21.00 145 2490.52 $ 116|1992.3 Sep 7 29 $17.18 Nov 27 18 $17.18 981683.06 Required Calculate the cost of goods sold. Cost of Goods Sold = 1339.58 X Check
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started