Homework Answers
| NO of UNITS Purchase | PER UNIT COST | COST | |
| purchase | 65 units | AED 7 per unit | AED 455 |
| purchase | 130 units | AED 7 per unit | AED 910 |
| Purchase | 55 units | AED 8 per unit | AED 440 |
| TOTAL | 250 units | AED 1805 |
Beginning Merchandise Inventory 0
Purchase AED 1805
Cost of goods available for sale AED 1,805
Total no of units available for sale 250 units
Weighted average cost per unit AED 1,805/250 units=AED 7.22 per unit
Total units in ending inventory Goods available for sale- no of units sold
250 units - 220 units = 30 units
Value of ending inventory 30 units * 7.22 per units = AED 217
cost of goods sold 220 units*7.22 per units=AED 1,588
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9. A company uses the weighted average method of inventory valuation under a periodic inventory system....
Assume that a company uses the weighted-average inventory costing method and a perpetual inventory system. Assume...
Assume that a company uses the weighted-average inventory costing method and a perpetual inventory system. Assume also a sales price to customers of S126 per unit. Company records indicate the following for the month: EEB (Click the icon to view the records.) For calculations round per unit costs to the nearest cent and all other amounts to the nearest whole dollar Calculate the cost of ending inventory. Data Table The cost of ending inventory using the weighted-average inventory costing method...
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Weighted-Average Cost Required information Exercise 6-5A Calculate inventory amounts when costs are declining (L06-3) [The following...
Weighted-Average Cost
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Weighted-Average Cost:
Required information Exercise 6-4A Calculate inventory amounts when costs are rising (LO6-3) [The following information applies to the questions displayed below.] During the year, TRC Corporation has the following inventory transactions. 44 Date Transaction Jan. 1 Beginning inventory Apr. 7 Purchase Jul.16 Purchase Oct. 6 Purchase Number of Units Unit Cost $ 36 124 194 104 38 41 Total Cost $ 1,584 4,712 7,954 4,368 $18,618 466 For the entire year, the company sells 413 units of inventory...
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Montoure Company uses a periodic inventory system. It entered into the following calendar year purchases and sales transactions Date Units sold at Retail Activities Jan. Beginning inventory Feb. 10 Purchase Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase Sept. 5 Purchase Units Required at Cost 610 units. 540.00 per unit 405 units. 537.00 per unit 205 units $22.00 per unit 895 units $70.00 per unit 110 units. $45.00 per unit 510 units. 541.00 per unit $70.00 per unit 620...
Montoure Company uses a periodic inventory system. It entered into the following calendar year purchases and...
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Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions...
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Assume that a company uses the weighted-average inventory costing method and a perpetual inventory system. Assume also a sales price to customers of S126 per unit. Company records indicate the following for the month: EEB (Click the icon to view the records.) For calculations round per unit costs to the nearest cent and all other amounts to the nearest whole dollar Calculate the cost of ending inventory. Data Table The cost of ending inventory using the weighted-average inventory costing method...
Top Light Company uses a perpetual inventory system. The company began inventory at a cost of $12 per unit. During 2019, Top Light had the following purchases and sales of lamps PURCHASE/ SOLD UNITS &COST/UNIT OR SELLING PRICE/ UNIT 2,000 units@$18/unit 2,500 units @$30/ unit 3,500 units@$23/unit 2,000 units@$33/unit DATE Purchased Feb 13 Sold Purchased Sold April 24 June 6 October 18 Required: 1. Calculate the cost of goods sold and ending inventory using FIFO Inventory Balance Cost/ unit Cost...
Weighted-Average Cost
Required information Exercise 6-5A Calculate inventory amounts when costs are declining (L06-3) [The following information applies to the questions displayed below.) During the year, Trombley Incorporated has the following inventory transactions. Number of Units Unit Cost $ 31 29 Date Transaction Jan. 1 Beginning inventory Mar. 4 Purchase Jun. 9 Purchase Nov. 11 Purchase 34 Total Cost $ 899 1,020 1,131 1,053 $4,103 For the entire year, the company sells 110 units of inventory for $39 each. Exercise...
Inventory Costing Methods-Periodic Method Merritt Company uses the periodic inventory system. The following May data are for an item in Merritt's inventory: May 1 Beginning inventory 450 units $34 per unit 12 Purchased 400 units 539 per unit 16 Sold 480 units 24 Purchased 460 units @ $40 per unit Calculate the cost of goods sold for May and ending inventory at May 31 using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted average cost methods. Do not...
LO2E6-2A. Inventory Costing Methods--Periodic Method The Lippert Company uses the periodic inven- tory system. The following July data are for an item in Lippert's inventory: July 1 Beginning inventory, 30 units @ $9 per unit. 10 Purchased 50 units @ $10 per unit. 15 Sold 60 units. 26 Purchased 25 units Sil per unit. Calculate the cost of goods sold for July and ending inventory at July 31 using (a) first-in, first-our, (b) last-in, first-out, and (c) the weighted average...
Weighted-Average Cost:
Required information Exercise 6-4A Calculate inventory amounts when costs are rising (LO6-3) [The following information applies to the questions displayed below.] During the year, TRC Corporation has the following inventory transactions. 44 Date Transaction Jan. 1 Beginning inventory Apr. 7 Purchase Jul.16 Purchase Oct. 6 Purchase Number of Units Unit Cost $ 36 124 194 104 38 41 Total Cost $ 1,584 4,712 7,954 4,368 $18,618 466 For the entire year, the company sells 413 units of inventory...
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