Answered step by step
Verified Expert Solution
Link Copied!

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). Complete the following schedule to calculate the value of ending inventory using the weighted average cost method under the periodic inventory system in 2019.

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 Cost Value
Jan 27 20 $20.00 $Answer

Feb 18 10 $22 Answer

$Answer

Mar 25 30 $24 Answer

$Answer

Jul 26 40 $25 Answer

$Answer

Average Inventory Answer

$Answer

$Answer

Sales 35 $Answer

Answer

$Answer

$Answer

Required

Calculate the cost of goods sold.

Cost of Goods Sold = $Answer

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

Financial Accounting

Authors: Bev Vickerstaff, Parminder Johal

1st Edition

1444170414, 978-1444170412

More Books

Students also viewed these Accounting questions