The following transactions occurred for the month of May. Units Cost Total Sales Price $800 14...
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The following transactions occurred for the month of May. Units Cost Total Sales Price $800 14 $910 12 $1,020 Date 1-May Beginning Balance 80 10 2-May Purchase 65 3-May Purchase 85 120 10-May Sale 15-May Purchase 17-May Sale 30-May Sale 35 45 75 15 $525 $35 $35 $35 Calculate the Cost of Goods Sold, Ending inventory, and Gross Profit for the month under Weighted Averages. Do not round the unit cost. Do round total costs to the nearest cent on each transaction. End of the month totals Cost of Goods Sold $ Ending Inventory Gross Profit The following transactions occurred for the month of May. Units Cost Total Sales Price $800 14 $910 12 $1,020 Date 1-May Beginning Balance 80 10 2-May Purchase 65 3-May Purchase 85 120 10-May Sale 15-May Purchase 17-May Sale 30-May Sale 35 45 75 15 $525 $35 $35 $35 Calculate the Cost of Goods Sold, Ending inventory, and Gross Profit for the month under Weighted Averages. Do not round the unit cost. Do round total costs to the nearest cent on each transaction. End of the month totals Cost of Goods Sold $ Ending Inventory Gross Profit
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Total cost of units available for sale Beginning balance 80 units x 10 per unit 800 Purchases 65 uni... View the full answer
Related Book For
Cornerstones of Financial and Managerial Accounting
ISBN: 978-1111879044
2nd edition
Authors: Rich, Jeff Jones, Dan Heitger, Maryanne Mowen, Don Hansen
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