Question: Carstow uses the periodic inventory method. (In the periodic method it is assumed that all sales occur the last day of the accounting period -

 Carstow uses the periodic inventory method. (In the periodic method it

Carstow uses the periodic inventory method. (In the periodic method it is assumed that all sales occur the last day of the accounting period - or after all purchases during the period.) Carstow had the following inventory transactions in May, of the current year. On May 1, Carstow had 250 units in inventory that cost dollar 8 each. On May 14. Carstow purchased 800 units at dollar 10 each. On May 20. Carstow purchased 60 units at dollar 13 each. On May 24. Carstow purchased 110 units at dollar 14 each. Carstow sold 840 units on May 28th for dollar 28 each. Compute the Weighted Average cost per unit: (round to nearest PENNY) Compute COGS under Weighted Average: (round to the nearest DOLLAR) Compute El under Weighted Average: (round to the nearest DOLLAR) Type just the number for your answer with no dollar signs or commas. (For #1 do use a period as you rounding to the nearest penny.)

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!