Question

The College Store Inc. inventory records showed the following data relative to a particular item sold regularly ( transactions occurred in the order given):



Required:
1. Complete the following schedule (round unit costs to nearest cent and total costs of inventory to the nearest $ 10):


2. Prepare journal entries, including year- end adjusting entries to establish ending inventory, if needed, for the two average calculations (b) and (c) above). Assume that the weighted average method is used with a periodic system and the moving average method with a perpetual system.
3. Explain how your entries in (2) would be different if a standard cost system were used, with the standard cost established at $ 5.50 at normalcapacity.


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  • CreatedFebruary 17, 2015
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