all questions please Fore Golf Supplies Limited During the month of August 2021, Fore...
60.1K
Verified Solution
Link Copied!
Question
Accounting
all questions please
Fore Golf Supplies Limited During the month of August 2021, Fore Golf Supplies had the following transactions: Cost per unit $70.00 Date August 6 August 12 August 19 August 25 August 31 Purchase Sale Purchase Sale Purchase Units 500 700 200 300 200 $80.00 $85.00 Inventory on hand at July 31, 2021 was 500 units at a cost of $68/unit. Fore uses a perpetual inventory system to account for inventory. The selling price per unit is $180.00 and all sales are on account. Required: a) Calculate the cost and total number of units available for sale during the month. b) Calculate the cost of ending inventory and cost of goods sold for the month using the weighted average system. c) Prepare the journal entry to record the August 12, 2021 sale. d) What is the gross profit for the month? You must show your work! Round to two decimal points if necessary
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
