Homework Answers
Answer: True
Explanation:
Under weighted inventory cost method the average unit cost is calculated by dividing total cost by number of units. This can be calculated for every one year or for every month. The beginning inventory and purchases of a particular month or year is totaled and the total units of particular period is taken in to consideration to calculate average cost per unit.
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Indicate whether the following statement is true or false. Under the weighted average cost flow method,...
question #48 Indicate whether the following statement is true or false. Under the FIFO method, each...
question #48 Indicate whether the following statement is true or false. Under the FIFO method, each time units are sold the unit cost contained in the most recent layer is applied to the number of units sold True or False True False
QUESTION 13 Under the weighted-average cost flow method, the average cost per unit equals the cost...
QUESTION 13 Under the weighted-average cost flow method, the average cost per unit equals the cost of goods available for sale divided by the number of units available for sale. True OFalse QUESTION 14 A company's gross margin reported on the income statement is not affected by the inventory cost flow method it uses. OTrue eFalse QUESTION 15 A company uses a cost flow method (such as LIFO or FIFO) to allocate product costs between cost of goods sold and...
Indicate whether the following statement is true or false. The FIFO cost flow method assumes that...
Indicate whether the following statement is true or false. The FIFO cost flow method assumes that the cost of items purchased last should stay in the ending inventory. If they have not been sold out True or Falso True False
question #27 Indicate whether the following statement is true or false. Under a perpetual Inventory system....
question #27 Indicate whether the following statement is true or false. Under a perpetual Inventory system. It is not possible to use the FIFO method of cost flow True or False True False
question #39 Indicate whether the following statement is true or false. The cost flow of inventory...
question #39 Indicate whether the following statement is true or false. The cost flow of inventory should be consistent with the physical flow. True or False True False
question #45 Indicate whether the following statement is true or false. The LIFO inventory flow method...
question #45 Indicate whether the following statement is true or false. The LIFO inventory flow method assumes that mems purchased last should stay in the ending inventory. If they have not been sold True or False True False
Weighted Average Cost Flow Method Under Perpetual Inventory System The following units of a particular item...
Weighted Average Cost Flow Method Under Perpetual Inventory System The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 30,000 units at $30.00 Mar. 18 Sale 24,000 units May 2 Purchase 54,000 units at $31.00 Aug. 9 Sale 45,000 units Oct. 20 Purchase 21,000 units at $32.10 The firm uses the weighted average cost method with a perpetual inventory system. Determine the cost of merchandise sold for each sale and the inventory...
Show Me How Calculator Weighted Average Cost Flow Method Under Perpetual Inventory System The following units...
Show Me How Calculator Weighted Average Cost Flow Method Under Perpetual Inventory System The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 15,000 units at $60.00 Mar. 18 Sale 12,000 units May 2 Purchase 27,000 units at $62.00 Aug. 9 Sale 22,500 units Oct. 20 Purchase 10,500 units at $64.20 The firm uses the weighted average cost method with a perpetual inventory system. Determine the cost of merchandise sold for each...
EX 7-9 Weighted average cost flow method under perpetual inventory system OBJ. 3 The following units...
EX 7-9 Weighted average cost flow method under perpetual inventory system OBJ. 3 The following units of a particular item were available for sale during the calendar year: ✓ Total Cost of Merchandise Sold, $154,400 is sold the following red Jan. 1 Apr. 19 June 30 Sept. 2 Nov. 15 Inventory Sale Purchase Sale Purchase 4,000 units at $20 2,500 units 6,000 units at $24 4,500 units 1,000 units at $25 The firm uses the weighted average cost method with...
9. A company uses the weighted average method of inventory valuation under a periodic inventory system....
9. A company uses the weighted average method of inventory valuation under a periodic inventory system. The company began the year with a zero inventory balance. They had the following transactions during the year. (30 Points) Purchased 65 units at AED 7 per unit Purchased 130 units at AED 7 per unit Sold 110 units at AED 11 per unit Purchased 55 units at AED 8 per unit Sold 110 units at AED 13.25 per unit • At the end...
question #48 Indicate whether the following statement is true or false. Under the FIFO method, each time units are sold the unit cost contained in the most recent layer is applied to the number of units sold True or False True False
QUESTION 13 Under the weighted-average cost flow method, the average cost per unit equals the cost of goods available for sale divided by the number of units available for sale. True OFalse QUESTION 14 A company's gross margin reported on the income statement is not affected by the inventory cost flow method it uses. OTrue eFalse QUESTION 15 A company uses a cost flow method (such as LIFO or FIFO) to allocate product costs between cost of goods sold and...
Indicate whether the following statement is true or false. The FIFO cost flow method assumes that the cost of items purchased last should stay in the ending inventory. If they have not been sold out True or Falso True False
question #27 Indicate whether the following statement is true or false. Under a perpetual Inventory system. It is not possible to use the FIFO method of cost flow True or False True False
question #39 Indicate whether the following statement is true or false. The cost flow of inventory should be consistent with the physical flow. True or False True False
question #45 Indicate whether the following statement is true or false. The LIFO inventory flow method assumes that mems purchased last should stay in the ending inventory. If they have not been sold True or False True False
Show Me How Calculator Weighted Average Cost Flow Method Under Perpetual Inventory System The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 15,000 units at $60.00 Mar. 18 Sale 12,000 units May 2 Purchase 27,000 units at $62.00 Aug. 9 Sale 22,500 units Oct. 20 Purchase 10,500 units at $64.20 The firm uses the weighted average cost method with a perpetual inventory system. Determine the cost of merchandise sold for each...
EX 7-9 Weighted average cost flow method under perpetual inventory system OBJ. 3 The following units of a particular item were available for sale during the calendar year: ✓ Total Cost of Merchandise Sold, $154,400 is sold the following red Jan. 1 Apr. 19 June 30 Sept. 2 Nov. 15 Inventory Sale Purchase Sale Purchase 4,000 units at $20 2,500 units 6,000 units at $24 4,500 units 1,000 units at $25 The firm uses the weighted average cost method with...
9. A company uses the weighted average method of inventory valuation under a periodic inventory system. The company began the year with a zero inventory balance. They had the following transactions during the year. (30 Points) Purchased 65 units at AED 7 per unit Purchased 130 units at AED 7 per unit Sold 110 units at AED 11 per unit Purchased 55 units at AED 8 per unit Sold 110 units at AED 13.25 per unit • At the end...
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