Submit Test Question: 15 pts 5 of 23 (0 complete) This Test: 70 pts possibie Gamett's...

 

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Submit Test Question: 15 pts 5 of 23 (0 complete) This Test: 70 pts possibie Gamett's Office Depot sells ofice fumiture. The company's fiscal year ends on March 31, 2020. On January 1, 2020, inventory consisted of 24 office dividers that cost $1820 each. Assume that the company uses a perpetual inventory system and that purchases of inventory occur on the first day of each month. O (Click the lcon to view the purchase and sale Information.) Required 1. Determine the cost of the divider ending inventory at March 31, 2020, under (a) moving weighted average costing and (b) FIFO costing 2. Prepare a multi-step income statement for the quarter ended March 31, 2020, under each method described in requirement 1. Jan. During the quarter, the company purchased merchandise on account as follows: Units Unit Cost Total January 63 1,870 $ 117,810 February 46 1,910 87,860 March 40 1,930 77,200 Sales for each month in the quaror were as follows: Units Unit Selling Price Total January 53 3,800 $ 201,400 February 16 3,900 62,400 March 43 4,000 172,000 Operating expenses in the quarter were $106,000. Print Done number in the input fields and then continue to the next question. %24 Submit Test Question: 15 pts 5 of 23 (0 complete) This Test: 70 pts possibie Gamett's Office Depot sells ofice fumiture. The company's fiscal year ends on March 31, 2020. On January 1, 2020, inventory consisted of 24 office dividers that cost $1820 each. Assume that the company uses a perpetual inventory system and that purchases of inventory occur on the first day of each month. O (Click the lcon to view the purchase and sale Information.) Required 1. Determine the cost of the divider ending inventory at March 31, 2020, under (a) moving weighted average costing and (b) FIFO costing 2. Prepare a multi-step income statement for the quarter ended March 31, 2020, under each method described in requirement 1. Jan. During the quarter, the company purchased merchandise on account as follows: Units Unit Cost Total January 63 1,870 $ 117,810 February 46 1,910 87,860 March 40 1,930 77,200 Sales for each month in the quaror were as follows: Units Unit Selling Price Total January 53 3,800 $ 201,400 February 16 3,900 62,400 March 43 4,000 172,000 Operating expenses in the quarter were $106,000. Print Done number in the input fields and then continue to the next question. %24

Answer rating: 100% (QA)

Solution Formula A B E F G H K L M N P 1 2 3 Weighted Average Cost Method 4 5 ... View the full answer