Use the following data of Dolphin Sales, Inc.: Unit Total Units Units Cost Cost Sold Beginning...
Use the following data of Dolphin Sales, Inc.: Unit Total Units Units Cost Cost Sold Beginning inventory 14 $6 $84 Purchase on Apr 25 33 8 264 Purchase on Nov 16 14 10 140 Sales 45 ? ? Dolphin Sales cost of ending inventory using the average cost method is A. $156. B. $100. C. $128. D. $450.
Homework Answers
Correct answer--- (C ) $128
Working
|
Units |
Cost per unit |
value |
|
|
Beginning Balance |
14 |
$ 6.00 |
$ 84.00 |
|
Purchases |
|||
|
25-Apr |
33 |
$ 8.00 |
$ 264.00 |
|
16-Nov |
14 |
$ 10.00 |
$ 140.00 |
|
61 |
$ 488.00 |
|
Average Cost of Inventory |
||
|
Units |
(A) |
61 |
|
Total Cost |
(B) |
$ 488.00 |
|
Average Cost |
(C=B/A) |
$ 8.00 |
|
Weighted Average method |
||||
|
Total Units Available for sale |
61 |
|||
|
Units Sold |
45 |
|||
|
Closing Stock in Units |
16 |
|||
|
Valuation |
||||
|
Ending Inventory |
16 |
@ |
$ 8.00 |
$ 128.00 |
|
Value Of Ending Inventory |
$ 128.00 |
|||
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