✔Total cost of goods sold, $791,600 SHOW ME HOW EX 6-8 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: Jan. 1 Mar. 18 May 2 Aug. 9 Oct. 20 Inventory Sale Purchase Sale Purchase 9,000 units at $50.00 7,000 units 8,000 units at $56.50 8,000 units 4,000 units at $60.00 The firm uses the weighted average cost method with a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale. Present the data in the form illustrated in Exhibit 5.

✔Total cost of goods sold, $791,600 SHOW ME HOW EX 6-8 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: Jan. 1 Mar. 18 May 2 Aug. 9 Oct. 20 Inventory Sale Purchase Sale Purchase 9,000 units at $50.00 7,000 units 8,000 units at $56.50 8,000 units 4,000 units at $60.00 The firm uses the weighted average cost method with a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale. Present the data in the form illustrated in Exhibit 5.

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Description: ✔Total cost of goodssold, $791,600SHOWME HOWEX 6-8 Weighted average cost flow method under perpetual inventory system Obj. 3The following units of a particular item were available for sale during the calendar year:Jan. 1Mar. 18May 2Aug. 9Oct. 20Inve

Corporate Financial Accounting

14th Edition

ISBN:9781305653535

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter6: Inventories

Section: Chapter Questions

Problem 6.5BE: Periodic inventory using FIFO, UFO, and weighted average cost methods The units of an item available...

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Calculate the cost of goods sold dollar value for A74 Company for the sale on March 11, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG).
Calculate the cost of goods sold dollar value for B74 Company for the sale on November 20, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG).
Periodic inventory using FIFO, UFO, and weighted average cost methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 20 units at 360 7,200 Aug. 13 Purchase 260 units at 342 88,920 Nov. 30 Purchase 40 units at 357 14,280 Available for sale 320 units 110,400 There are 57 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (A) first-in, first-out (FIFO) method; (B) last-in, first-out (LIFO) method; and (C) weighted average cost method.
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