Homework Answers
| Ans. | Cost of goods sold | $3,031 | ||||||||
| Ending inventory | $514 | |||||||||
| Gross profit | $5,969 | |||||||||
| *Calculations for Cost of goods sold and Ending inventory: | ||||||||||
| Weighted Average | ||||||||||
| Purchase | Cost of goods sold | Balance | ||||||||
| Date | Quantity | Rate | Total cost | Quantity | Rate | Total cost | Quantity | Rate | Total cost | |
| 01-May | 75 | $10.00 | $750 | 75 | $10.00000 | $750 | ||||
| 02-May | 60 | $11.00 | $660 | 135 | $10.44444 | $1,410 | ||||
| 03-May | 80 | $16.00 | $1,280 | 215 | $12.51163 | $2,690 | ||||
| 10-May | 125 | $12.51163 | $1,564 | 90 | $12.51163 | $1,126 | ||||
| 15-May | 45 | $19.00 | $855 | 135 | $14.67442 | 1981 | ||||
| 17-May | 60 | $14.67442 | $880 | 75 | $14.67442 | $1,101 | ||||
| 30-May | 40 | $14.67442 | $587 | 35 | $14.67442 | $514 | ||||
| Total | Cost of goods sold | $3,031 | Ending inventory | $514 | ||||||
| *Weighted average rate is calculated by using the formula of (Total available balance / Total units available). | ||||||||||
| *Calculations for Gross Profit: | ||||||||||
| Amount | ||||||||||
| Sales | $9,000 | |||||||||
| (-) Cost of goods sold | -$3,031 | |||||||||
| Gross Profit | $5,969 | |||||||||
| *Calculation of sales: | ||||||||||
| Date | Units | Rate | Cost | |||||||
| 10-May | 125 | $40.00 | $5,000 | |||||||
| 17-May | 60 | $40.00 | $2,400 | |||||||
| 30-May | 40 | $40.00 | $1,600 | |||||||
| Total sales | $9,000 | |||||||||
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Date Transaction Units Cost/Unit April 1 Balance 500 17 Purchase
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Required: 1. Compute the inventories at the end of each month
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