Calculate the cost of goods sold and the cost of the ending inventory using the weighted average
Question:
Calculate the cost of goods sold and the cost of the ending inventory using the weighted average cost flow assumption. Assume periodic record keeping.
Sales ...............150 units at $5 per unit
Beginning inventory .........100 units at $2 per unit
Purchases .............. 60 units at $3 per unit
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 78% (14 reviews)
Weighted average cost 238 380 160 Cost of goods sold 356 150 x 238 End...View the full answer
Answered By
Atuga Nichasius
I am a Highly skilled Online Tutor has a Bachelor’s Degree in Engineering as well as seven years of experience tutoring students in high school, bachelors and post graduate levels. I have a solid understanding of all learning styles as well as using asynchronous online platforms for tutoring needs. I individualise tutoring for students according to content tutoring needs assessments.
My strengths include good understanding of all teaching methods and learning styles and I am able to convey material to students in an easy to understand manner. I can also assists students with homework questions and test preparation strategies and I am able to help students in math, gre, business , and statistics
I consider myself to have excellent interpersonal and assessment skills with strong teaching presentation verbal and written communication
I love tutoring. I love doing it. I find it intrinsically satisfying to see the light come on in a student's eyes.
My first math lesson that I taught was when I was 5. My neighbor, still in diapers, kept skipping 4 when counting from 1 to 10. I worked with him until he could get all 10 numbers in a row, and match them up with his fingers.
My students drastically improve under my tutelage, generally seeing a two grade level improvement (F to C, C to A, for example), and all of them get a much clearer understanding!
I am committed to helping my students get the top grades no matter the cost. I will take extra hours with you, repeat myself a thousand times if I have to and guide you to the best of my ability until you understand the concept that I'm teaching you.
5.00+
2+ Reviews
10+ Question Solved
Related Book For
Financial Accounting: A Business Process Approach
ISBN: 978-0136115274
3rd edition
Authors: Jane L. Reimers
Question Posted:
Students also viewed these Accounting questions
-
Using the data from SE5-4A, calculate the cost of goods sold and the cost of the ending inventory using the FIFO periodic cost flow assumption. In SE5-4A, Calculate the cost of goods sold and the...
-
Using the data from SE5-4A, calculate the cost of goods sold and the cost of the ending inventory using the LIFO periodic cost flow assumption. In SE5-4A, Calculate the cost of goods sold and the...
-
The cost of goods sold computations for Target Company and Caesar Company are shown below. Instructions(a) Compute inventory turnover and days in inventory for each company.(b) Which company moves...
-
Consider the following grooves, each of width W, that have been machined from a solid block of material. (a) For each case obtain an expression for the view factor of the groove with respect to the...
-
The red wave shown in Fig. E1.5 is given by u = 5cos4px (V). What expression is applicable to (a) the blue wave and (b) the green wave? o (volts) 3.52 V 1.01 V 0.25/ 0.5 10.75/ 1.0 -5 Figure E1.5
-
Show the effect of dollar appreciation and depreciation with the euro on the price of U.S. exports and imports by updating Table 15.2, as shown in the updated table. 2. Evaluate whether the following...
-
Explain what is meant by the decision-making unit (DMU). Why is identifying the DMU particularly difficult when selling to public-sector organisations?
-
Abbott Landscaping purchased a tractor at a cost of $ 42,000 and sold it three years later for $ 21,600. Abbott recorded depreciation using the straight- line method, a five- year service life, and a...
-
Crane Company was incorporated in Delaware in 2017. On November 2, 2024, the controller of the company entered into a forward contract to sell 36,000 British pounds for $1.5920 on March 1, 2025. The...
-
Michael Pevnick began operations as a private investigator on January 1, 2014. The trial balance columns of the worksheet for Michael Pevnick, P.I., at March 31 are as follows. Other data: 1....
-
Using the information in SE5-12B, calculate the gross profit from the sale and the gross profit ratio. Assume the customer does not pay within the discount period. In SE5-12B, Sams Supply, Inc., uses...
-
Using the data from SE5-14B, calculate the cost of goods sold and the cost of the ending inventory using the FIFO periodic cost flow assumption. In SE5-14B, Calculate the cost of goods sold and the...
-
Define diseconomies of scale. Cite and briefly discuss the main determinants of this phenomenon.
-
Calculate the mean for this frequency distribution: Boundaries Frequency 20.5-25.5 4 25.5-30.5 10 30.5-35.5 9 35.5-40.5 5 40.5-45.5 13 (Roundup to two decimal digits)
-
Calculate the sum of the cross products for the following dataset. The standard deviation of the y variable is s-3.162: x y z_score_x z_score_y 5 3 -0.75 -0.32 7 2 0.08 -0.63 4 1 -1.17 8 5 0.50 10 6...
-
A random number X has the following probability distribution: If E(X) 10, calculate the value of y. Provide your answer below: I P(X = x) 0 0.2 1 0.2 5 0.1 10 0.3 y 0.2
-
18 The random variable X has probability distribution given by x-1 36 x = 2, 3, 4, 5, 6, 7 P(X = x) = m-x 36, x=8, 9, 10, 11, 12 (a) Find the value of m. (b) Calculate E(X) and Var(X).
-
Partially completed T-accounts and additional information for Cardinals, Inc., for the month of November appear as follows. Finished Goods Inventory Materials Inventory Work-In-Process Inventory BB...
-
Replace the network of Fig. 9-37 at terminals ab with a Norton equivalent and with a Thvenin equivalent. 10 10/0 _V - -/10 3 | j4
-
A handrail, which weighs 120 N and is 1.8 m long. was mounted to a wall adjacent to a small set of steps (Figure P4.26). The support at A has broken, and the rail has fallen about the loose bolt at 8...
-
Even by the standards of modern management myths, the British Airways transformation is impressive. At the end of the 1970s and the start of the 1980s BA was performing disastrously against almost...
-
The data necessary to adjust Socket Realty accounts from Problem 4-3A as of June 30, 2007, are as follows: a. Prepaid insurance expired during June, $280. b. Office supplies on hand at June 30, $580....
-
Heritage Company offers legal consulting advice to death-row inmates. Heritage Company prepared the following trial balance at April 30, 2006, the end of the current fiscal year: The data needed to...
-
On January 2, 2006, Lela Peterson established Acadia Realty, which completed the following transactions during the month: a. Lela Peterson transferred cash from a personal bank account to an account...
-
The structure of a Neural Network is given below. W W Y H X1 X2 H The input value X = X2 X-8 and the desired output value is Y The initial weight matrix for the first layer W: w = [WW] = [36] 4 (1)
-
Aysha's Cash Book showed a bank overdraft of Rs. 60,000 on 31" March, 2020. On Comparison of the two books, the following differences were noted down. a. A cheque for 3,000 deposited on 30th March,...
-
Fuzzy Monkey Technologies, Incorporated purchased as a long-term investment $140 million of 10% bonds, dated January 1, on January 1, 2024. Management intends to have the investment available for...
Study smarter with the SolutionInn App