A retailer uses the perpetual inventory and weighted average cost to value its inventory and cost...

  

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A retailer uses the perpetual inventory and weighted average cost to value its inventory and cost of goods sold. The business recorded the following inventory transactions during the month of May. Purchases Unit Cost S100 Sales Units Unit Selling Price Units May 1 4 Beginning inventory 120 Purchase 150 $120 50 $200 7. Sale 60 $130 Purchase Sale 11 150 $200 19 Instructions: Answer this question either by typing in the box below or writing on a sheet of paper, scanning the page as a PDF file and uploading your solution to Moodle. a) Use the weighted average cost method to calculate the cost of goods sold and ending inventory for May. Calculate weighted average cost per unit to the nearest a penny ($0.01) and calculate inventory and cost of goods sold to the nearest dollar ($1). b) At year end, the net realizable value of the ending inventory is $110 per unit. Prepare the resulting adjusting entry A retailer uses the perpetual inventory and First in, First Out method to value its inventory and cost of goods sold. The business recorded the following inventory transactions during the month of May. Purchases Unit Cost S70 Sales Units Units Unit Price May 1 Beginning inventory 85 Purchase Sale Purchase Sale 4 140 S75 9. 100 $130 11 90 $80 21 120 $130 Instructions: Answer this question either by typing in the box below or writing on a sheet of paper, scanning the page as a PDF file and uploading your solution to Moodle. a) Use the FlE (first in, first out) cost method to calculate the cost of goods sold and ending inventory for May. Calculate inventory and cost of goods sold to the nearest dollar ($1). b) Prepare the journal entries to record sales transactions on May 9 and 21. All sales were on account. A retailer uses the perpetual inventory and weighted average cost to value its inventory and cost of goods sold. The business recorded the following inventory transactions during the month of May. Purchases Unit Cost S100 Sales Units Unit Selling Price Units May 1 4 Beginning inventory 120 Purchase 150 $120 50 $200 7. Sale 60 $130 Purchase Sale 11 150 $200 19 Instructions: Answer this question either by typing in the box below or writing on a sheet of paper, scanning the page as a PDF file and uploading your solution to Moodle. a) Use the weighted average cost method to calculate the cost of goods sold and ending inventory for May. Calculate weighted average cost per unit to the nearest a penny ($0.01) and calculate inventory and cost of goods sold to the nearest dollar ($1). b) At year end, the net realizable value of the ending inventory is $110 per unit. Prepare the resulting adjusting entry A retailer uses the perpetual inventory and First in, First Out method to value its inventory and cost of goods sold. The business recorded the following inventory transactions during the month of May. Purchases Unit Cost S70 Sales Units Units Unit Price May 1 Beginning inventory 85 Purchase Sale Purchase Sale 4 140 S75 9. 100 $130 11 90 $80 21 120 $130 Instructions: Answer this question either by typing in the box below or writing on a sheet of paper, scanning the page as a PDF file and uploading your solution to Moodle. a) Use the FlE (first in, first out) cost method to calculate the cost of goods sold and ending inventory for May. Calculate inventory and cost of goods sold to the nearest dollar ($1). b) Prepare the journal entries to record sales transactions on May 9 and 21. All sales were on account.

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