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

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 $ 74.00/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.) Units Cost/Unit Amount Beginnig Inventory 8.400 $28.10 $ 236,040 Sale (7,300) (c) $28.10 $ Purchase 4.700 $ 30.40 $ 142,880 5.800 $ (e) $ 173.790 Purchase 700 $ 35.40 $ 24,780 6,500 $ (6) $ 198,570 Sale (3.400) 3,100 $30.5492 $ 94,703 Purchase 00 $37.90 $94.750 5,600 $189.453 Sale (k) 2.700 $33.8307 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 invertory, All units sold in January were priced at $ 74.00/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, es. 10.5264 and other answers to O decimal places es 61,052) sit COGS Sales Amount $ 236,040 $ 28.10 (a) $ (b) $28.10 (d) $ 30,40 $ 142 880 173.790 $35.40 524.780 $198.570 $ ( 8) $ h (h) 30.5492 $94.703 $37.90 $94.750 $ 189,453 (m) 33,8307 In) fo) $ (p) Using the information in the completed table. (Round calculations for cost per unit to 4 decimal places, eg, 10.5264 and other answers to O decimal places, eg. 61,052) Determine the value of weighted average cost of goods sold. Determine the value of ending inventory Determine the gross margin TIL Weighted average cost of goods sold 5 Ending inventory Grossmann

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!