80.2K

Verified Solution

Link Copied!

10&11

EX 7-9 Weighted average cost flow method under perpetual inventory system OBJ.3 The following units of a particular item were available for sale during the calendar year: Total Cost of Merchandise Sold, $154,400 Jan. Inventory Apr. 19 Sale June 30 Purchase Sept. 2 Sale Nov. 15 Purchase 4,000 units at $20 2,500 units 6,000 units at $24 4,500 units 1,000 units at $25 The firm uses the weighted average cost method with a perpetual inventory system. Determine the cost of merchandise sold for each sale and the inventory balance after each sale. Present the data in the form illustrated in Exhibit 5 EX 7-10 Perpetual inventory using FIFO Assume that the business in Exercise 7-9 maintains a perpetual inventory system. Deter- mine the cost of merchandise sold for each sale and the inventory balance after each sale assuming the first-in, first-out method. Present the data in the form illustrated in Exhibit 3. OBJ. 3 Total Cost of Merchandise Sold $152,000 EX 7-11 Perpetual inventory using LIFO Assume that the business in Exercise 7-9 maintains a perpetual inventory system. Deter- mine the cost of merchandise sold for each sale and the inventory balance after each sale, assuming the last-in, first-out method. Present the data in the form illustrated in Exhibit 4 VTotal Cost of OBJ.3 Merchandise Sold $158,000

Answer & Explanation Solved by verified expert

See Answer