Question: From the data above, calculate the COGS and ending inventory based on each of the following cost formulas. Assume that perpetual inventory records are kept.

From the data above, calculate the COGS and ending inventory based on each of the following cost formulas. Assume that perpetual inventory records are kept. Calculate unit cost to the nearest cent and ending inventory to the nearest dollar.
1. find weighted average cost
From the data above, calculate the COGS and ending inventory based on

Some of the information found on a detailed inventory card for Humber brands Ltd. for July is as follows: \begin{tabular}{|l|l|l|l|} \hline Date & Received & Unit Cost & Units sold \\ \hline July & \#Units & $ & # \\ \hline \end{tabular} \begin{tabular}{|r|r|r|r|} \hline 1 & 1150 & $2.90 & \\ \hline 4 & 1050 & $3.00 & \\ \hline 7 & & & 700 \\ \hline 10 & 700 & $3.20 & \\ \hline 14 & & & 500 \\ \hline 18 & 1000 & $3.30 & 300 \\ \hline 20 & & & 1100 \\ \hline 23 & 1300 & $3.40 & \\ \hline 26 & & & 900 \\ \hline 28 & 1700 & $3.60 & 1300 \\ \hline 31 & & & \\ \hline \end{tabular}

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!