Question: During July of the current year, Cleveland Company has the following transactions pertaining to its inventory: Unit cost Balance 7/1 Purchases on 7/15 Sold

How much is the ending inventory for the month of July 2019 using weighted average method? If the unit cost is not exact, rou

During July of the current year, Cleveland Company has the following transactions pertaining to its inventory: Unit cost Balance 7/1 Purchases on 7/15 Sold on 7/24 Purchased 7/30 Units Sold 10,000 6,000 9,000 4,000 200 300 250 7,000 How much is the ending inventory for the month of July 2019 using weighted average method? If the unit cost is not exact, round it off to include the centavos (e.g. 235.58902, this is 235.59) Add your answer Sale Price 400 400

Step by Step Solution

★★★★★

3.38 Rating (154 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

Stores Ledgor Account Weighted Average Method Date Purchased Issued Balanced Quantity Price Valu... View full answer

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 General Management Questions!

A static budget is based on a single level of operations, which is never adjusted. Therefore the static budgeted expense amounts will not change even though actual volume does change during the year....

The earth's temperature can be measured using either ground-based sensors or infrared-sensing devices mounted in aircraft or space satellites. Ground-based sensoring is very accurate but tedious,...

Cranberries can be harvested using either a wet method or a dry method. Dry-harvested cranberries can be sold at a premium, while wet-harvested cranberries are used mainly for cranberry juice and...

REQUIREMENTS 1-9 HAVE ALREADY BEEN ANSWERED. I am stuck in requirements 10, 11, and 12. I've answered some of 10, but I got completely stuck, plus I do not know what to put under analysis on 10,11,...

Question Al Part I Moonflower Limited ("Moonflower) is beauty salon business. The company adjusts its accounts monthly while closing entries are performed annually on 31 December. The company's...

Genuine Spice in began operations on January 1 of the curent year. The company produces sigh-ounce bomes of hand and body lotion cated Emal Beauty The soon is sold wholesale in 12-bo sing commission...

Good afternoon sir. How are you? I upload a take home test for my accounting 1 class. I'm an undergraduate. I did the test but i need the correct answers for all them. Thank you very much 1 Take-home...

Montonya Company has the following selected data for the current year: Sales (10,000 units) $90,000 Direct materials 30,000 Direct labor costs 10,000 Variable manufacturing overhead 3,500 Fixed...

check on the file and download the...

Mendez Company provides the following information about its product: Targeted operating income $50,000 Selling price per unit 6.00 Variable cost per unit 1.50 Total fixed costs 125,000 What is the...

Think of a local business in your environment. How could this business start building an industrial ecosystem? To which other businesses could it sell its waste? What wastes of which other businesses...

Enteral feeding calculations 1. Calculate total calories, protein, and free water provided inthe following examples. DO NOT ROUND UP finalnumbers! Show your work. Full strength Osmolite 1.2 at60...

Which of the following computer hardware devices allows for an immediate update of merchandise inventory in a retail environment? Group of answer choices Shelf scales Digital storage device CD - RW...

A boat having a mass of 80,000 kg rests on the bottom of the lake and displaces 12.25 m3 of water. Since the lifting capacity of the crane is only 600 kN, two balloons are attached to the sides of...

consider the causal system for which the input x(n) and output y (n) is related by the linear constant-coefficient difference equation y(n)-y(n-1)= x(n)- x(n-1) a. determine the unit sample response...

Calculate the Avf, Rif, R'of for the circuit shown in figure 2. Both transistors are identical and their parameters, h-1100 2, and he-50. The values of the circuit parameters are: R=1KN, R=100KN,...

"No one is going to give you the education you need to overthrow them. Nobody is going to teach you your true history. teach you

I am having difficulty understanding how to journalize the Owner's equity, classified balance sheet and Journalizing closing entries for the following. Please help. July 1 Crane invested $19,900cash...

se transactions on the books of Nowland Furnishings, assuming the "net" method is used. (Record debits first, then credits. Exclude explana Chas Mar More Info Jul 4 Nowland Furnishings purchased...

1. What is the WACC and why is it important to estimate a firms cost of capital? Is the WACC set by investors or by managers? Explain. Did Cohen make any mistakes in her analysis? Explain. 2....

DuPont Analysis, Forecasting with the Parsimonious Method and Estimating Share Value of Cisco Systems Inc Using the DCF Model Cisco Systems, Inc. is a multinational information technology company...

Please read and answer the case study. the case study should include an executive summary and introduction. On July 5, 2001, Kimi Ford, a portfolio manager at North Point Group, a mutual fund...