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Weighted Average | ||||
Date | Particulars | Units | Cost | Amount |
Apr 01 | Beginning Inventory | 30.00 | 52.00 | 1,560.00 |
Apr 06 | Purchases | 15.00 | 41.00 | 615.00 |
Total | 45.00 | 48.33 | 2,175.00 | |
Apr 09 | COGS | 35.00 | 48.33 | 1,691.67 |
Total | 10.00 | 48.33 | 483.33 | |
Apr 14 | Purchases | 20.00 | 37.00 | 740.00 |
Total | 30.00 | 40.78 | 1,223.33 | |
Apr 20 | COGS | 25.00 | 40.78 | 1,019.44 |
Total | 5.00 | 40.78 | 203.89 | |
Apr 28 | Purchases | 20.00 | 33.00 | 660.00 |
Ending Inventory | 25.00 | 34.56 | 863.89 | |
Cost of Goods Sold | 2,711.11 | |||
Cost of Ending Inventory | 863.89 | |||
Debit | Credit | |||
Cost of goods sold Dr | 34.56 | |||
To Merchandise inventory | 34.56 | |||
Merchandise Inventory | Overstated | |||
Cost of Goods Sold | Understated | |||
Retained Earnings | Overstated |
Marigold Skateshop Ltd. reports the following inventory transactions for its skateboards for the month of April....
P6-4A Sandoval Skateshop Ltd. reports the following inventory transactions for its skateboards for the month of April. The company uses a perpetual inventory system. Date Explanation Units Unit Cost Total Cost Apr. 1 Beginning inventory 30 $50 $1,500 6 Purchases 15 45 675 9 Sales (35) 14 Purchases 20 40 800 20 Sales (25) 28 Purchases 20 35 700 P6-5A Information for Sandoval Skateshop Ltd. is presented in P6-4A. Use the same inventory data and assume that the company uses...
QUESTION 4: P6-4A Sandoval Skateshop Ltd. reports the following inventory transactions for its skateboards for the month of April. The company uses a perpetual inventory system. Date Explanation Units Unit Cost Total Cost Apr. 1 Beginning inventory 30 $50 $1,500 6 Purchases 15 45 675 9 Sales (35) 14 Purchases 20 40 800 20 Sales (25) 28 Purchases 20 35 700 P6-5A Information for Sandoval Skateshop Ltd. is presented in P6-4A. Use the same inventory data and assume that the...
P6-4A Sandoval Skateshop Ltd. reports the following inventory transactions for its skateboards for the month of April. The company uses a perpetual inventory system. Date Explanation Units Unit Cost Total Cost Apr. 1 Beginning inventory 30 $50 $1,500 6 Purchases 15 45 675 9 Sales (35) 14 Purchases 20 40 800 20 Sales (25) 28 Purchases 20 35 700 Instructions (a) Determine the cost of goods sold and cost of ending inventory using FIFO. (b) Assume that Sandoval wants to...
QUESTION 3: P6-4A Sandoval Skateshop Ltd. reports the following inventory transactions for its skateboards for the month of April. The company uses a perpetual inventory system. Date Explanation Units Unit Cost Total Cost Apr. 1 Beginning inventory 30 $50 $1,500 6 Purchases 15 45 675 9 Sales (35) 14 Purchases 20 40 800 20 Sales (25) 28 Purchases 20 35 700 Instructions (a) Determine the cost of goods sold and cost of ending inventory using FIFO. (b) Assume that Sandoval...
Bramble Ltd. uses the perpetual inventory system and reports the following inventory transactions for the month of June: Explanation 1 Beginning inventory 2 Purchases 5 Sale 5 Purchases 3 Purchases 7 Sales Units Unit Cost Total Cost 1,510 $6 $9,060.00 2,520 7 17,640 (2,540) 4,320 8 34,560 1,490 13,410 (5,710) Na (a) Determine the cost of goods sold and the cost of the ending inventory using (1) FIFO and (2) Average cost. (Round average final answers to 2 decimal places,...
Novak Ltd. uses the perpetual inventory system and reports the following inventory transactions for the month of June: Date Unit Cost $5 6 Total Cost $6,850.00 14,280 Explanation June 1 Beginning inventory 12 Purchases 15 Sale 16 Purchases 23 Purchases 27 Sales Units 1.370 2,380 (2,610) 4,480 1,600 (5,520) 31,360 12.800 8 (a) Determine the cost of goods sold and the cost of the ending inventory using (1) FIFO and (2) Average cost. (Round average final answers to 2 decimal...
Martinez Ltd. uses the perpetual inventory system and reports the following inventory transactions for the month of June: Date Explanation Units Unit Cost Total Cost June 1 Beginning inventory 1,500 $6 $9,000.00 12 Purchases 2,480 7 17,360 15 Sale (2,610 ) 16 Purchases 4,560 8 36,480 23 Purchases 1,380 9 12,420 27 Sales (5,830 ) (a) Determine the cost of goods sold and the cost of the ending inventory using (1) FIFO and (2) Average cost. (Round average final answers...
4) A company reports the following transactions for its fishing rods for the month of April. They use a perpetual inventory system Units Unit Cost $325 $350 Date April 1 April 6 April 9 April 14 April 20 April 28 Explanation Inventory Purchase Sale Purchase Sale Purchase $355 $360 a) Identify the Cost of Goods Sold and Ending Inventory under FIFO (6 marks) b) Identify the Cost of Goods Sold and Ending Inventory under average costing (6 marks) c) Under...
Type or paste question here Blue Ltd. uses the perpetual inventory system and reports the following inventory transactions for the month of June: Total Cost $8,220.00 17,010 Date Explanation June 1 Beginning inventory 12 Purchases 15 Sale 16 Purchases 23 Purchases 27 Sales Unit Units Cost 1,370 $6 2,430 7 (2,540 ) 4,0708 1,400 (5,230) 32,560 12,600 - Your answer is partially correct. Determine the cost of goods sold and the cost of the ending inventory using (1) FIFO and...
4) A company reports the following transactions for its fishing rods for the month of April. They use a perpetual inventory system Units 50 Date Aprill April 6 April 9 April 14 April 20 Unit Cost $325 $350 Explanation Inventory Purchase Sale Purchase Sale Purchase $355 April 28 $360 a) Identify the Cost of Goods Sold and Ending Inventory under FIFO (6 marks) b) Identify the Cost of Goods Sold and Ending Inventory under average costing (6 marks) c) Under...