a) Fill in the missing numbers in the inventory schedule using the weighted-average cost inventory valuation method.
Question:
a) Fill in the missing numbers in the inventory schedule using the weighted-average cost inventory valuation method. This company uses the perpetual inventory system.
Do not enter dollar signs or commas in the input boxes. Round all answers to 2 decimal places. All unit cost calculations should be rounded to 2 decimal places as well.
Inventory Schedule | |||||||
Purchases | Sales | Balance | |||||
Transaction | Description | Quantity | Amount | Quantity | Amount | Quantity | Amount |
Opening Balance | 0 | $ 0 | |||||
May 5 | Purchase from AAA Co. | 600 | $7,800.00 | Answer | $Answer | Answer
| $Answer
|
May 7 | Sale to SSS Co. | Answer | $Answer | Answer
| $Answer
| 300 | $3,900.00 |
May 13 | Sale to TTT Co. | Answer | $Answer | 150 | $Answer
| Answer
| $Answer
|
May 15 | Purchase from BBB Co. | 80 | $1,360.00 | Answer | $Answer | Answer
| $Answer
|
May 24 | Sale to UUU Co. | Answer | $Answer | 40 | $Answer
| Answer
| $Answer
|
May 28 | Purchase from CCC Co. | 70 | $1,050.00 | Answer | $Answer | Answer
| $Answer
|
b) If the FIFO method had been used, what would the value of COGS been for the sale to UUU Co.?
COGS = $Answer
c) If the specific identification method had been used, what would the value of COGS been for the sale to UUU Co.? Assume all the units were purchased from BBB Co.
COGS = $Answer