Following is information regarding inventory transactions sold by SouthCo. The transactions occured in the order shown....

Transcribed Image Text:

Following is information regarding inventory transactions sold by SouthCo. The transactions occured in the order shown. Date Transaction Unit Cost $4.00 4.30 22/Feb 11/Apr 3. Sales (at $12.50 per unit) 03/Jun 4. Purchase 05/Aug 5. Sales (at $12 per unit) 01/Oct 6. Purchase 1. Beginning inventory 2. Purchase (1) FIFO, (2) Moving average... Date a) Complete the table below, rounding unit costs to the nearest cent, and total costs to the nearest dollar. Gross Margin + + Units 3,000 15,000 12,000 9,000 9,000 3,000 General Journal Account/Explanation Ending Inventory b) Record journal entries for the moving average cost method above. All sales and purchases are made on credit. Enter an appropriate description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (ie. January 15 would be 15/Jan). Please make sure your final answer(s) are accurate to 2 decimal places. 4.70 5.00 Cost of Goods Sold Page G1 PR Debit Credit Following is information regarding inventory transactions sold by SouthCo. The transactions occured in the order shown. Date Transaction Unit Cost $4.00 4.30 22/Feb 11/Apr 3. Sales (at $12.50 per unit) 03/Jun 4. Purchase 05/Aug 5. Sales (at $12 per unit) 01/Oct 6. Purchase 1. Beginning inventory 2. Purchase (1) FIFO, (2) Moving average... Date a) Complete the table below, rounding unit costs to the nearest cent, and total costs to the nearest dollar. Gross Margin + + Units 3,000 15,000 12,000 9,000 9,000 3,000 General Journal Account/Explanation Ending Inventory b) Record journal entries for the moving average cost method above. All sales and purchases are made on credit. Enter an appropriate description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (ie. January 15 would be 15/Jan). Please make sure your final answer(s) are accurate to 2 decimal places. 4.70 5.00 Cost of Goods Sold Page G1 PR Debit Credit

Answer rating: 100% (QA)

I see that youve presented an accounting exercise related to inventory and cost of goods sold calcul... View the full answer