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Part 1 | Cost of goods available for sale | Cost of Goods Sold | Ending Inventory | ||||||
No of units | Unit Cost | Cost of goods available for sale | No of units | Avg Cost | Cost of goods Sold | No of units | Avg Cost | Ending inventory | |
Beginning Inventory | 6,400 | $ 10.00 | $ 64,000 | ||||||
Purchase | |||||||||
9/7 | 3,600 | $ 11.50 | $ 41,400 | ||||||
9/25 | 10,000 | $ 12.30 | $ 123,000 | ||||||
Total | 20,000 | $ 11.42 | $ 228,400 | 9,000 | $ 11.42 | $ 102,780 | 11,000 | $ 11.42 | $ 125,620 |
Part 2 | Cost of goods available for sale | Cost of Goods Sold | Ending Inventory | ||||||
No of units | Unit Cost | Cost of goods available for sale | No of units | Avg Cost | Cost of goods Sold | No of units | Avg Cost | Ending inventory | |
Beginning Inventory | 6,400 | $ 10.00 | $ 64,000 | ||||||
Purchase Sep 7 | 3,600 | $ 11.50 | $ 41,400 | ||||||
Subtotal Average Cost | 10,000 | $ 10.54 | $ 105,400 | ||||||
Sale-Sep 10 | 4,000 | $ 10.54 | $ 42,160 | 6,000 | $ 10.54 | $ 63,240 | |||
Subtotal Average Cost | $ 10.54 | ||||||||
Purchase Sep 25 | 10,000 | $ 12.30 | $ 123,000 | ||||||
Subtotal Average Cost | 16,000 | $ 11.64 | $ 186,240 | ||||||
Sale-Sep 29 | 5,000 | $ 11.64 | $ 58,200 | 11,000 | $ 11.64 | $ 128,040 | |||
Total | 9,000 | $ - | $ 100,360 | 11,000 | $ - | $ 128,040 |
The following information is taken from the inventory records of the CNB Company for the month...
The following information is taken from the inventory records of the CNB Company for the month of September: Beginning inventory, 9/1/2018 Purchases: 8,000 units e $10.00 6,000 units $10.70 9,000 units $12.60 9/7 9/25 Sales 8,000 units 9,000 units 9/10 9/29 6,000 units were on bhand at the end of September. Required: 1. Assuming that CNB uses a periodic inventory system and employs the average cost method, determine cost of goods sold for September and September's ending inventory. 2. Repeat...
The following information is taken from the inventory records of the CNB Company for the month of September: 9/7 Beginning inventory 9/1/2021 8,000 units @ $10.00 Purchases: 6,000 units @ $10.70 9/25 9,000 units $12.60 Sales: 9/10 8.000 units 9/29 9,000 units 6,000 units were on hand at the end of September. Required: 1. Assuming that CNB uses a periodic inventory system and employs the average cost method, determine cost of goods sold for September and September's ending inventory. 2....
The following information is taken from the inventory records of the CNB Company for the month of September: 1.5 points Beginning inventory, 9/1/2021 4,800 units @ $10.80 Purchases: 9/7 2. eee units $10.30 9/25 8,800 units @ $19.80 Sales: 9/1e 4,800 units 9/29 4. eee units 6,eee units were on hand at the end of September. Requlred: 1. Assuming that CNB uses a periodic inventory system and employs the average cost method, determine cost of goods sold for September and...
The following information is taken from the inventory records of the CNB Company for the month of September: Beginning inventory, 9/1/2021 8,000 units @ $10.00 Purchases: 9/7 6,000 units @ $10.70 9/25 16,000 units @ $10.90 Sales: 9/10 6,000 units 9/29 10,000 units 14,000 units were on hand at the end of September. Required: 1. Assuming that CNB uses a periodic inventory system and employs the average cost method, determine cost of goods sold for September and September's ending inventory....
The following information is taken from the inventory records of the CNB Company for the month of September: Beginning inventory, 9/1/2021 4,000 units @ $10.00 Purchases: 9/7 2,000 units @ $10.30 9/25 8,000 units @ $10.80 Sales: 9/10 4,000 units 9/29 4,000 units 6,000 units were on hand at the end of September. ________________________________________ Required: 1. Assuming that CNB uses a periodic inventory system and employs the average cost method, determine cost of goods sold for September...
The following information is taken from the inventory records of the CNB Company for the month of September: Beginning inventory, 9/1/20218,000units @ $10.00Purchases:9/76,000units @ $10.709/2516,000units @ $10.90Sales:9/106,000units9/2910,000units14,000 units were on hand at the end of September. Required:1. Assuming that CNB uses a periodic inventory system and employs the average cost method, determine cost of goods sold for September and September's ending inventory.2. Assuming that CNB uses a perpetual inventory system and employs the average cost method, determine cost of goods sold for September and...
PLEASE GIVE SOLUTION IN THE SAME FORMAT AS THE IMAGE THANK YOU! The following Information is taken from the Inventory records of the CNB Company for the month of September: 9/7 Beginning inventory, 9/1/2021 8, eee units @ $11.00 Purchases: 7,000 units @ $11.30 9/25 9,000 units @ $11.70 Sales: 9/10 6,000 units 9/29 10,000 units 8,880 units were on hand at the end of September. Required: 1. Assuming that CNB uses a periodic Inventory system and employs the average...
Ferris Company began 2018 with 4,000 units of its principal product. The cost of each unit is $7. Merchandise transactions for the month of January 2018 are as follows: Purchases Date of Purchase Units Unit Cost* Total Cost Jan. 10 3,000 $ 8 $ 24,000 Jan. 18 4,000 9 36,000 Totals 7,000 60,000 *Includes purchase price and cost of freight. Sales Date of Sale Units Jan. 5 2,000 Jan. 12 1,000 Jan. 20 3,000 Total 6,000 5,000 units were on...
Ferris Company began 2018 with 5,000 units of its principal product. The cost of each unit is $9. Merchandise transactions for the month of January 2018 are as follows: Purchases Date of Purchase Units Unit Cost* Total Cost Jan. 10 6,000 $ 10 $ 60,000 Jan. 18 5,000 11 55,000 Totals 11,000 115,000 *Includes purchase price and cost of freight. Sales Date of Sale Units Jan. 5 3,000 Jan. 12 3,000 Jan. 20 4,000 Total 10,000 6,000 units were on...
Ferris Company began 2018 with 6,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January 2018 are as follows: PLEASE FIX AND COMPLETE THE ANSWER IS NOT COMPLETE AND NOT CORRECT Purchases Date of Purchase Units Unit Cost* Total Cost Jan. 10 5,000 $ 9 $ 45,000 Jan. 18 6,000 10 60,000 Totals 11,000 105,000 * Includes purchase price and cost of freight. Sales Date of Sale Units Jan. 5...