During 2021, a company sells 25 units of inventory. The company has the following inventory...
80.2K
Verified Solution
Link Copied!
Question
Accounting
During 2021, a company sells 25 units of inventory. The company has the following inventory purchase transactions for 2021: Total Date Number of Units 20 10 Transaction Jan. 1 Beginning inventory Sep.8 Purchase Unit Cost $55 24 Cost $1,100 240 $1,340 30 Calculate ending inventory and cost of goods sold for 2021 assuming the company uses the weighted average cost method. (Round weighted-average unit cost to 4 decimal places. Round your final answers to the nearest dollar amount.) Ending inventory Cost of goods sold Inventory records for Fit Bit revealed the following: Date Transaction Mar. 1 Beginning inventory Mar. 10 Purchase Mar. 16 Purchase Mar. 23 Purchase Number of Units 980 570 470 540 Unit Cost $7.12 7.62 8.22 8.92 Fit Bit sold 1,890 units of Inventory during the month. Calculate ending Inventory based on FIFO: (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.) Multiple Choice $5,885. $1,409 $3,416. $6.978
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!
