Question: Empire Stores experienced a computer malfunction that accidently wiped out some of the inventory details for the month of January. Management was able to partially



Empire Stores experienced a computer malfunction that accidently wiped out some of the inventory details for the month of January. Management was able to partially reconstruct the following spreadsheet for the month of January inventory transactions Empire uses the perpetual inventory system and the weighted average cost flow assumption for valuing inventory. All units sold in January were priced at $72.00/unit Calculate amounts for (a) through (p) to Assist Empire's management by completing the table. (Round calculations for cost per unit to 4 decimal places, eg. 10.5264 and other answers to decimal places, eg. 61,052.) Date Cost/Unit $27.10 Units 8,300 (7.700) Amount $2: Jan 1 Beginnig Inventory 3 Sale (c) $27.10 13 Purchase 4,400 $29.60 $1 5,000 $ $14 17 Purchase 800 $34.60 $: 5,800 $ $13 27 Sale (3,600) 2,200 $30.0310 $ 29 Purchase (0) $37.10 $10 4,900 $ $16 31 Sale (k) 2,000 $33.9260 $ Totals Empire Stores experienced a computer malfunction that accidently wiped out some of the inventory details for the month of January. Management was able to partially reconstruct the following spreadsheet for the month of January inventory transactions: Empire uses the perpetual inventory system and the weighted average cost flow assumption for valuing inventory. All units sold in January were priced at $72.00/unit Calculate amounts for (a) through (p) to Assist Empire's management by completing the table. (Round calculations for cost per unit to 4 decimal places, eg. 10.5264 and other answers to decimal places, eg. 61,052.) COGS Sales Unit $27.10 Amount $224,930 $ $ (a) $ (b) $ (d) $27.10 $29.60 $130,240 $146,500 $34.60 $27.680 (f) $174,180 $ (g) $ (h) $30.0310 $66,068 $100,170 $37.10 $166,238 $ (1) $ $ (m) $33.9260 $ (n) $ (o) $ (p) Using the information in the completed table. (Round calculations for cost per unit to 4 decimal places, e.g. 10.5264 and other answers to decimal places, eg. 61,052.) i. Determine the value of weighted average cost of goods sold. Determine the value of ending inventory. iii. Determine the gross margin. $ Weighted average cost of goods sold Ending inventory Gross margin $ $
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