The Xu Corporation uses a periodic inventory system. The company has a beginning inventory of 470 units at $5 each on January 1. Xu purchases 415 units at $4 each in February and 115 units at $6 each in March. There were no additional purchases or sales d
The Xu Corporation uses a periodic inventory system. The company has a beginning inventory of 470 units at $5 each on January 1. Xu purchases 415 units at $4 each in February and 115 units at $6 each in March. There were no additional purchases or sales during the remainder of the quarter.
Xu sells 320 units during the quarter. If Xu uses the weighted-average method, what is its cost of goods sold for the first quarter?
Homework Answers
Weighted Average Cost / unit =( (1250 units x $15) + (1500 Units x $14) + (700 units x $16) ) / 3450 Units
= $ 50950/ 3450 Units
= $ 14.76 per unit
Cost of goods sold = 650 units sold x $ 14.76 per unit
= $ 9594
Add Answer to:
The Xu Corporation uses a periodic inventory system. The company has a beginning inventory of 470 units at $5 each on January 1. Xu purchases 415 units at $4 each in February and 115 units at $6 each in March. There were no additional purchases or sales d
The Xu Corporation uses a periodic inventory system. The company has a beginning inventory of 1,250...
The Xu Corporation uses a periodic inventory system. The company has a beginning inventory of 1,250 units at $15 each on January 1. Xu purchases 1,500 units at $14 each in February and 700 units at $16 each in March. There were no additional purchases or sales during the remainder of the year. Xu sells 650 units during the quarter. If Xu uses the weighted average method, what is its cost of goods sold for the quarter? (Do not round...
The Jones Corporation uses a periodic inventory system. The company has a beginning inventory of 350...
The Jones Corporation uses a periodic inventory system. The company has a beginning inventory of 350 units at $6 each on January 1. Jones purchases 600 units at $5 each in February and 250 units at $7 each in March. There were no additional purchases or sales during the remainder of the year. Jones sells 200 units during the quarter. If Jones uses the weighted average method, what is its cost of goods sold for the quarter? When a customer...
Panamerican Foods uses a periodic inventory system to account for inventory. Panamerican has a beginning inventory...
Panamerican Foods uses a periodic inventory system to account for inventory. Panamerican has a beginning inventory of 1,050 boxes of salami at $13 each on January 1. Panamerican purchases 1,300 boxes at $12 each in February and 600 boxes at $14 each in March. There were no additional purchases or sales during the remainder of the year. Panamerican sells 550 boxes during the quarter. If Panamerican uses the weighted-average method, what is its cost of goods sold for the quarter?...
Pacific Company starts the year with a beginning inventory of 4,400 units at $7 per unit....
Pacific Company starts the year with a beginning inventory of 4,400 units at $7 per unit. The company purchases 6,400 units at $6 each in February and 3,400 units at $8 each in March. Pacific sells 1,650 units during this quarter. Pacific has a perpetual inventory system and uses the FIFO inventory costing method. What is the cost of goods sold for the quarter? Multiple Choice $11,550 $9,900 $12,375 $13,200 Alphabet Company, which uses the periodic inventory method, purchases different...
Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions...
Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March Date Units Sold at Retail Units Acquired at Cost 135 units @ $70 per unit 435 units @ $75 per unit 455 units @ $105 per unit Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 190 units @ $80 per unit 270 units @ $82 per unit 230 units...
A company reports the following beginning inventory and two purchases for the month of January. On...
A company reports the following beginning inventory and two
purchases for the month of January. On January 26, the company
sells 450 units. Ending inventory at January 31 totals 170
units.
Assume the periodic inventory system is used. Determine the
costs assigned to ending inventory when costs are assigned based on
the weighted average method. (Round per unit costs to 3
decimal places. Amounts to be deducted should be indicated with a
minus sign.)
A company reports the following beginning...
Inventory Costing Methods-Periodic Method The Gleem Sales Corporation uses the periodic inventory system. On January 1.2015....
Inventory Costing Methods-Periodic Method The Gleem Sales Corporation uses the periodic inventory system. On January 1.2015. Gleem had 2,600 units of product B with a unit cost of s40 per unit. A summary of purchases and sales during 2015 follows: Unit Units Units Cost Purchased Sold Jan.3 Mar.8 $44 3,000 June 13 Sept.19 46 Nov.23 Dec.28 1,600 2,000 800 48 1,200 1,800 Required a. Assume that Gleem uses the first-in, first-out method Compute the cost of goods sold for 2015...
A company reports the following beginning inventory and two purchases for the month of January. On...
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 350 units. Ending inventory at January 31 totals 150 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 320 80 100 Unit Cost $ 3.00 3.20 3.34 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Round...
23 During 2021, a company sells 470 units of inventory for $93 each. The company has...
23 During 2021, a company sells 470 units of inventory for $93 each. The company has the following inventory purchase transactions for 2021 Number of Units 80 267 Unit Cost $ Date Transaction Jan. 1 Beginning inventory May 5 Purchase Nov.) Purchase 8 points 30 82 Total Cost $ 6,320 21,360 15,334 $43,014 Calculate cost of goods sold and ending inventory for 2021 assuming the company uses the weighted average cost method. (Round weighted average unit cost to 4 decimal...
Alternative Inventory Methods Frate Company was formed on December 1, 2018, and uses the periodic inventory...
Alternative Inventory Methods Frate Company was formed on December 1, 2018, and uses the periodic inventory system. The following information is available from Frate's inventory records for Product Ply: Units Unit Cost January 1, 2019 (beginning inventory) 3,500 $6.00 Purchases: January 6, 2019 4,200 7.00 January 25, 2019 3,900 7.50 February 17, 2019 3,300 8.00 March 27, 2019 3,600 8.50 A physical inventory on March 31, 2019, shows 7,000 units on hand. Required: Prepare schedules to compute the ending inventory...
Pacific Company starts the year with a beginning inventory of 4,400 units at $7 per unit. The company purchases 6,400 units at $6 each in February and 3,400 units at $8 each in March. Pacific sells 1,650 units during this quarter. Pacific has a perpetual inventory system and uses the FIFO inventory costing method. What is the cost of goods sold for the quarter? Multiple Choice $11,550 $9,900 $12,375 $13,200 Alphabet Company, which uses the periodic inventory method, purchases different...
Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March Date Units Sold at Retail Units Acquired at Cost 135 units @ $70 per unit 435 units @ $75 per unit 455 units @ $105 per unit Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 190 units @ $80 per unit 270 units @ $82 per unit 230 units...
A company reports the following beginning inventory and two
purchases for the month of January. On January 26, the company
sells 450 units. Ending inventory at January 31 totals 170
units.
Assume the periodic inventory system is used. Determine the
costs assigned to ending inventory when costs are assigned based on
the weighted average method. (Round per unit costs to 3
decimal places. Amounts to be deducted should be indicated with a
minus sign.)
A company reports the following beginning...
Inventory Costing Methods-Periodic Method The Gleem Sales Corporation uses the periodic inventory system. On January 1.2015. Gleem had 2,600 units of product B with a unit cost of s40 per unit. A summary of purchases and sales during 2015 follows: Unit Units Units Cost Purchased Sold Jan.3 Mar.8 $44 3,000 June 13 Sept.19 46 Nov.23 Dec.28 1,600 2,000 800 48 1,200 1,800 Required a. Assume that Gleem uses the first-in, first-out method Compute the cost of goods sold for 2015...
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 350 units. Ending inventory at January 31 totals 150 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 320 80 100 Unit Cost $ 3.00 3.20 3.34 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Round...
23 During 2021, a company sells 470 units of inventory for $93 each. The company has the following inventory purchase transactions for 2021 Number of Units 80 267 Unit Cost $ Date Transaction Jan. 1 Beginning inventory May 5 Purchase Nov.) Purchase 8 points 30 82 Total Cost $ 6,320 21,360 15,334 $43,014 Calculate cost of goods sold and ending inventory for 2021 assuming the company uses the weighted average cost method. (Round weighted average unit cost to 4 decimal...
Most questions answered within 3 hours.
-
You purchase your daily coffee at the Chemist’s Coffeehouse and
have a choice of two cups:...
asked 1 hour ago -
Which of the following pairs of chemicals could be used to make
a buffer solution?
A.)...
asked 1 hour ago -
Problem 16-51 Sales
Activity Variance (LO 16-3)Odessa, Inc., reports the following
information concerning operations for the...
asked 2 hours ago -
Pictured on the right are thee point charges Q1 = 18.4 μC, Q2 =
-30.6 μC,...
asked 2 hours ago -
A graduate student is conducting research in psychology and
needs to obtain the IQ scores of...
asked 2 hours ago -
R2.84: There are 2 defective products in a production lot of 10.
An inspector randomly selected...
asked 4 hours ago -
Consider the following equilibrium system: COCl2(g) CO(g) +
Cl2(g) A 10.00 L evacuated flask is filled...
asked 4 hours ago -
1) What are the two distinct steps that one needs to perform
when developing a data...
asked 4 hours ago -
2) Write a C++ program that uses a class called “Degree” to
obtain the trigonometric
values...
asked 5 hours ago -
1. In eukaryotic cells the genomes of
&
asked 5 hours ago -
The standard enthalpy of propanol (C3H7OH) is -303.0 kJ/mol.
Compute both of the
gross and net...
asked 5 hours ago -
Why PWM using H-bridge for control motor speed is more power
effiecient than the linear amplifier...
asked 5 hours ago