The following units of a particular item were available for sale during the calendar year: Jan 12

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Question:

The following units of a particular item were available for sale during the calendar year:

Jan 12 Inventory 8,000 units at $60.00

Feb 20 Sale 7,000 units

April 16 Purchase 20,000 units at $65.00

Aug 25 Sale 17,000 units

Nov 11 Purchase 10,000 units at $70.00

Instructions:

The Company uses the weighted average cost method with a perpetual inventory system. Determine the cost of merchandise sold for each sale and the inventory balance after each sale.

Related Book For answer-question

Financial and Managerial Accounting

ISBN: 978-1337119207

14th edition

Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac

See More Books

Posted Date: Oct 08, 2018 12:23 AM

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The following units of a particular item were available for sale during the calendar year: Jan 12

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Weighted average cost method Date Transaction Units A Cost B Total cost CAB Closing st... View the full answer

Financial and Managerial Accounting

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