Question
You are given the following information about Silk Company's inventory for the month of April. Purchase Sales Date Units Cost per unit $ Date Units
You are given the following information about Silk Company's inventory for the month of April.
Purchase
Sales
Date
Units
Cost per unit $
Date
Units
April 1
400
4.00
April 2
300
April 10
1,300
4.10
April 11
1,000
April 25
1,200
4.50
April 29
1,400
April 27
600
4.75
Instructions: Silk uses weighted moving average perpetual. (a) Calculate the cost of ending inventory and cost of goods sold, (Note:Round the weighted average cost per unit to two decimal places.). Show all relevant calculations.
(b). What will be the journal entry for the sale on 29 April if the sales price per unit is $7.5? The sales were for cash.
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Intermediate Accounting
Authors: James D. Stice, Earl K. Stice, Fred Skousen
16th Edition
324376375, 0324375743I, 978-0324376371, 9780324375749, 978-0324312140
