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

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. When calculating the unit cost, round to 2 decimal places as well.

Inventory Schedule
Purchases Sales Balance
Transaction Description Quantity Amount Quantity Amount Quantity Amount
Opening Balance 0 $ 0
#1 Purchase from AAA Co. 500 $6,000.00 Answer $Answer Answer $Answer
#2 Sale to SSS Co. Answer $Answer Answer $Answer 250 $3,000.00
#3 Sale to TTT Co. Answer $Answer 125 $Answer Answer $Answer
#4 Purchase from BBB Co. 100 $1,800.00 Answer $Answer Answer $Answer
#5 Sale to UUU Co. Answer $Answer 40 $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

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!