A company began January with 8,000 units of its principal product. The cost of each unit...
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A company began January with 8,000 units of its principal product. The cost of each unit is $6. Inventory transactions for the month of January are as follows: Date of Purchase January 10 January 18 Totals Sales Units 6,000 8,000 14,000 Includes purchase price and cost of freight. Date of Sale January 5 January 12 January 20 Total Units Purchases Unit Cost $7 4,000 2,000 4,000 10,000 12,000 units were on hand at the end of the month. Total Cost $ 42,000 64,000 106,000 5. Calculate January's ending inventory and cost of goods sold for the month using Average cost, perpetual system. Note: Round average cost per unit to 4 decimal places. Enter sales with a negative sign. Perpetual Average Beginning Inventory Sale - January 5 Subtotal Average Cost Purchase-January 10 Subtotal Average Cost Sale-January 12 Subtotal Average Cost Purchase-January 18 Subtotal Average Cost Sale-January 20 Total Inventory on hand Number Cost per of units unit Inventory Value Cost of Goods Sold Average Cost per unit Number of units sold Cost of Goods Sold A company began January with 8,000 units of its principal product. The cost of each unit is $6. Inventory transactions for the month of January are as follows: Date of Purchase January 10 January 18 Totals Sales Units 6,000 8,000 14,000 Includes purchase price and cost of freight. Date of Sale January 5 January 12 January 20 Total Units Purchases Unit Cost $7 4,000 2,000 4,000 10,000 12,000 units were on hand at the end of the month. Total Cost $ 42,000 64,000 106,000 5. Calculate January's ending inventory and cost of goods sold for the month using Average cost, perpetual system. Note: Round average cost per unit to 4 decimal places. Enter sales with a negative sign. Perpetual Average Beginning Inventory Sale - January 5 Subtotal Average Cost Purchase-January 10 Subtotal Average Cost Sale-January 12 Subtotal Average Cost Purchase-January 18 Subtotal Average Cost Sale-January 20 Total Inventory on hand Number Cost per of units unit Inventory Value Cost of Goods Sold Average Cost per unit Number of units sold Cost of Goods Sold
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Related Book For
Intermediate Accounting
ISBN: 978-1260481952
10th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
Posted Date:
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