1. Calculate the April 30 inventory and the April cost of goods sold using the weighted average cost formula

  April 30 Invenotry $

  April cost of goods sold $

2. Calculate the April 30 inventory and the April cost of goods sold using the FIFO cost formula.

April 30 Inventory $

April cost of goods sold $

3. Prepare the journal entry to record the April 15 purchase assuming the company uses the FIFO method of inventory. All purchases are on credit.

April 15 Journal Entry

4. Prepare the journal entries to record the sale of units on April 28 for a total of $10,208, assuming the company uses the weighted average cost method. All sales are credit sales.

April 28 (To record credit sale)

April 28 (To record cost of goods)
 

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Jose Zorilla uses a perpetual inventory system. During April, he sold 700 units, (270 units on April 20 and 430 units on April 28). The following other information is available: Unit Units Cost Total Cost April 1 inventory 250 $12.20 $3,050.00 April 15 purchase 400 17.70 7.080.00 April 23 purchase 350 15.90 5.565.00 1,000 $15.695.00 Jose Zorilla uses a perpetual inventory system. During April, he sold 700 units, (270 units on April 20 and 430 units on April 28). The following other information is available: Unit Units Cost Total Cost April 1 inventory 250 $12.20 $3,050.00 April 15 purchase 400 17.70 7.080.00 April 23 purchase 350 15.90 5.565.00 1,000 $15.695.00