Question: Prepare inventory records using the Weighted Average method : Riverside Inc. uses a perpetual inventory system and reports the following transactions for the month of

Prepare inventory records using the Weighted Average method: Riverside Inc. uses a perpetual inventory system and reports the following transactions for the month of July

July1 Beginning inventory 12 units Cost/Price $100.00

July 4 Purchase 8 units Cost/Price 103.00

July 9 Purchase 5 units Cost/Price 104.00

July17 Sale 21 units Cost/Price 249.99

July 21 Purchase 4 units Cost/Price 106.00

July 31 Sale 6 units Cost/Price 249.99

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!

1) Pigwig uses a periodic inventory system. The below informaiton pertains to its March 2022 operations. Calculate ending inventory and cost of goods sold using the methods below (label your answers...

1) ABC Corp. had the following inventory transactions for the month of December 20X5: Date Transaction type Amount (units) Price per unit Dec. 1 Opening balance 400 $5.12 Dec. 3 Purchase 1,100 $5.23...

Microsoft inc. uses a perpetual inventory system. The following transactions took place during the month of April. As of April 1 st Microsoft inc. had 1000 units of product at a cost of $3 per unit...

Amiable Inc. uses a perpetual inventory system. The following transactions took place during the month of April. As of April 1 st Amiable Inc. had 1000 units of product at a cost of $3 per unit in...

Cant figure out Periodic system along with how that affects LIFO, along with how to find the 2nd question. very frustrating. Please help with explanation. Strong Jewels uses a periodic inventory...

Amiable Inc. uses a perpetual inventory system. The following transactions took place during the month of April. As of April 1st Amiable Inc. had 1000 units of product at a cost of $3 per unit in...

Homework: Graded MAL HW #6 [Ch 6] Spr 2020 Score: 0 of 10 pts 4 of 14 (7 complete) nstructor-created question HW Score: 30.21%, 48.33 of 1 Question Help Al the beginning of May a company had 76...

noulg) did 'Target use to account for inventory? ATC 5-2 Group Assignment Inventory cost flow The accounting records of Blue Bird Co. showed the following balances at January 1, Year 2: Cash...

Assigning Costs to Products: Weighted Average Method. Sydney, Inc., uses the weighted average method for its process costing system. The Assembly department at Sydney, Inc., began April with 6,000...

Suppose you work at the financial department of Bluegate, a company in Japan, which uses the Yen as its currency. The manager of Bluegate is considering building a new factory in the US, where the US...

The National Oceanic and Atmospheric Administration reports the following record high temperatures (degrees Fahrenheit) in 50 U.S. cities. These data are also provided in the file XR02056. a....

3. At which address is the interrupt vector for INT 10h stored?

Value Chain Analysis regarding Vivint Security System for homeowners and businesses.

According to Herzbergs two-factor theory of motivation, was Planks motivation to create a new category of performance apparel driven by extrinsic (hygiene) factors or intrinsic (motivator) factors?

What leadership style would best characterize Adam Neumann?

Neumann has created a culture with great expectations about motivating employees and clients alike. What are the expectations and even valences associated with worker motivation at WeWork?