I only need to find the average cost per
unit under COGS. PLEASE SHOW WORK
Homework Answers
After August 21 purchases there are 100,000 units available at a
total cost of $547,080
.
Average cost per unit after August 27 purchases = Total cost/Total Units
= 547,080/100,000
= $5.47
Cost of goods sold on September 12 = Number of units sold x Cost per unit
= 74,000 x 5.47
= $404,780
Ending inventory = 547,080-404,780
= $142,300
Kindly comment if you need further assistance. Thanks‼!
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I only need to find the average cost per
unit under COGS. PLEASE SHOW WORK
Tipton...
Tipton Processing maintains its internal inventory records using average cost under a perpetual inventory system. The...
Tipton Processing maintains its internal inventory records using
average cost under a perpetual inventory system. The following
information relates to its inventory during the year:
Jan.
1
Inventory on hand—94,000 units; cost $4.00 each.
Feb.
14
Purchased 106,000 units for $5.00 each.
Mar.
5
Sold 164,000 units for $14.00 each.
Aug.
27
Purchased 64,000 units for $6.00 each.
Sep.
12
Sold 74,000 units for $14.00 each.
Dec.
31
Inventory on hand—26,000 units.
Required:
1. Determine the amount Tipton would calculate...
Tipton Processing maintains its internal inventory records using average cost under a perpetual inventory system. The...
Tipton Processing maintains its internal inventory records using average cost under a perpetual inventory system. The following information relates to its inventory during the year: Jan. 1 Inventory on hand–92,000 units; cost $4.00 each. Feb. 14 Purchased 108,000 units for $5.00 each. Mar. 5 Sold 162,000 units for $14.00 each. Aug. 27 Purchased 62,000 units for $6.00 each. Sep. 12 Sold 72,000 units for $14.00 each. Dec. 31 Inventory on hand–28,000 units. Required: 1. Determine the amount Tipton would calculate...
Tipton Processing maintains its internal inventory records using average cost under a perpetual inventory system. The...
Tipton Processing maintains its internal inventory records using average cost under a perpetual inventory system. The following information relates to its inventory during the year: Jan. 1 Inventory on hand-92,000 units; cost $4.00 each. Feb. 14 Purchased 108,000 units for $5.00 each. Mar. 5 Sold 162,000 units for $14.00 each. Aug. 27 Purchased 62,000 units for $6.00 each. Sep. 12 Sold 72,000 units for $14.00 each. Dec. 31 Inventory on hand–28,000 units. Required: 1. Determine the amount Tipton would calculate...
Tipton Processing maintains its internal inventory records using average cost under a perpetual inventory system. The...
Tipton Processing maintains its internal inventory records using average cost under a perpetual inventory system. The following information relates to its inventory during the year: Jan. 1 Inventory on hand-92,000 units; cost $4.00 each. Feb. 14 Purchased 108,000 units for $5.00 each. Mar. 5 Sold 162,000 units for $14.00 each. Aug. 27 Purchased 62,000 units for $6.00 each. Sep. 12 Sold 72,000 units for $14.00 each. Dec. 31 Inventory on hand–28,000 units. Required: 1. Determine the amount Tipton would calculate...
PLEASE GIVE SOLUTION IN THE SAME FORMAT AS THE IMAGE THANK YOU! Tipton Processing maintains its...
PLEASE GIVE SOLUTION IN THE SAME FORMAT AS THE IMAGE
THANK YOU!
Tipton Processing maintains its Internal Inventory records using average cost under a perpetual Inventory system. The following Information relates to Its Inventory during the year: Jan. 1 Inventory on hand-84, eee units; cost $4.00 each. Feb. 14 Purchased 116,000 units for $5.00 each. Mar. 5 Sold 154,000 units for $14.00 each. Aug. 27 Purchased 54,200 units for $6.00 each. Sep. 12 Sold 64,800 units for $14.00 each. Dec....
Ferris Company began January with 4,000 units of its principal product. The cost of each unit...
Ferris Company began January with 4,000 units of its principal
product. The cost of each unit is $7. Merchandise transactions for
the month of January 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...
Required information M7-20 to 22 (Supplement 7A) Calculating Cost of Goods Sold and Ending Inventory under...
Required information M7-20 to 22 (Supplement 7A) Calculating Cost of Goods Sold and Ending Inventory under Perpetual FIFO, LIFO, and Weighted Average Cost [LO 7-S1) In its first month of operations, Literacy for the Illiterate opened a new bookstore and bought merchandise in the following order: (1) 300 units at $4 on January 1, (2) 450 units at $7 on January 8, and (3) 950 units at $8 on January 29. Assuming 1,100 units are on hand at the end...
Under Perpetual system whats the inventory balance and cost of goods sold under the average cost...
Under Perpetual system whats the inventory balance and cost of
goods sold under the average cost method?
Alura Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug. 1 Inventory on hand-2,000 units; cost $5.30 each. Purchased 8,000 units for $5.50 each. Sold 6,000 units for $12.00 each. Purchased 6,000 units for $5.60 each. Sold 7,000 units for $11.00 each. Purchased 4,000 units for $5.80 each. Inventory on hand-7,000 units. 8 14 18...
Required information (The following information applies to the questions displayed below.) Ferris Company began January with...
Required information (The following information applies to the questions displayed below.) Ferris Company began January with 8,000 units of its principal product. The cost of each unit is $6. Merchandise transactions for the month of January are as follows: Purchases $ 7 Date of Purchase Jan. 10 Jan. 18 Totals 6,000 8,000 14,000 $ 42,000 64,000 106,000 * Includes purchase price and cost of freight. Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Total Units 4,000 2,000 4,000...
Ferris Company began 2018 with 5,000 units of its principal product. The cost of each unit...
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...
Tipton Processing maintains its internal inventory records using
average cost under a perpetual inventory system. The following
information relates to its inventory during the year:
Jan.
1
Inventory on hand—94,000 units; cost $4.00 each.
Feb.
14
Purchased 106,000 units for $5.00 each.
Mar.
5
Sold 164,000 units for $14.00 each.
Aug.
27
Purchased 64,000 units for $6.00 each.
Sep.
12
Sold 74,000 units for $14.00 each.
Dec.
31
Inventory on hand—26,000 units.
Required:
1. Determine the amount Tipton would calculate...
Tipton Processing maintains its internal inventory records using average cost under a perpetual inventory system. The following information relates to its inventory during the year: Jan. 1 Inventory on hand–92,000 units; cost $4.00 each. Feb. 14 Purchased 108,000 units for $5.00 each. Mar. 5 Sold 162,000 units for $14.00 each. Aug. 27 Purchased 62,000 units for $6.00 each. Sep. 12 Sold 72,000 units for $14.00 each. Dec. 31 Inventory on hand–28,000 units. Required: 1. Determine the amount Tipton would calculate...
Tipton Processing maintains its internal inventory records using average cost under a perpetual inventory system. The following information relates to its inventory during the year: Jan. 1 Inventory on hand-92,000 units; cost $4.00 each. Feb. 14 Purchased 108,000 units for $5.00 each. Mar. 5 Sold 162,000 units for $14.00 each. Aug. 27 Purchased 62,000 units for $6.00 each. Sep. 12 Sold 72,000 units for $14.00 each. Dec. 31 Inventory on hand–28,000 units. Required: 1. Determine the amount Tipton would calculate...
Tipton Processing maintains its internal inventory records using average cost under a perpetual inventory system. The following information relates to its inventory during the year: Jan. 1 Inventory on hand-92,000 units; cost $4.00 each. Feb. 14 Purchased 108,000 units for $5.00 each. Mar. 5 Sold 162,000 units for $14.00 each. Aug. 27 Purchased 62,000 units for $6.00 each. Sep. 12 Sold 72,000 units for $14.00 each. Dec. 31 Inventory on hand–28,000 units. Required: 1. Determine the amount Tipton would calculate...
PLEASE GIVE SOLUTION IN THE SAME FORMAT AS THE IMAGE
THANK YOU!
Tipton Processing maintains its Internal Inventory records using average cost under a perpetual Inventory system. The following Information relates to Its Inventory during the year: Jan. 1 Inventory on hand-84, eee units; cost $4.00 each. Feb. 14 Purchased 116,000 units for $5.00 each. Mar. 5 Sold 154,000 units for $14.00 each. Aug. 27 Purchased 54,200 units for $6.00 each. Sep. 12 Sold 64,800 units for $14.00 each. Dec....
Ferris Company began January with 4,000 units of its principal
product. The cost of each unit is $7. Merchandise transactions for
the month of January 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...
Required information M7-20 to 22 (Supplement 7A) Calculating Cost of Goods Sold and Ending Inventory under Perpetual FIFO, LIFO, and Weighted Average Cost [LO 7-S1) In its first month of operations, Literacy for the Illiterate opened a new bookstore and bought merchandise in the following order: (1) 300 units at $4 on January 1, (2) 450 units at $7 on January 8, and (3) 950 units at $8 on January 29. Assuming 1,100 units are on hand at the end...
Under Perpetual system whats the inventory balance and cost of
goods sold under the average cost method?
Alura Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug. 1 Inventory on hand-2,000 units; cost $5.30 each. Purchased 8,000 units for $5.50 each. Sold 6,000 units for $12.00 each. Purchased 6,000 units for $5.60 each. Sold 7,000 units for $11.00 each. Purchased 4,000 units for $5.80 each. Inventory on hand-7,000 units. 8 14 18...
Required information (The following information applies to the questions displayed below.) Ferris Company began January with 8,000 units of its principal product. The cost of each unit is $6. Merchandise transactions for the month of January are as follows: Purchases $ 7 Date of Purchase Jan. 10 Jan. 18 Totals 6,000 8,000 14,000 $ 42,000 64,000 106,000 * Includes purchase price and cost of freight. Sales Date of Sale Jan. 5 Jan. 12 Jan. 20 Total Units 4,000 2,000 4,000...
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...
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