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murzikaleks [220]
3 years ago
12

During 2021, a company sells 500 units of inventory for $95 each. The company has the following inventory purchase transactions

for 2021:Calculate cost of goods sold and ending inventory for 2021 assuming the company uses the weighted-average cost method

Business
1 answer:
Kryger [21]3 years ago
6 0

Answer:

cost of goods sold = $36,285

ending inventory = $1,742

Explanation:

when you use the weighted average cost method you have to calculate the COGS using the total number of units and the total amount paid for them.

beginning inventory = 71 units for $5,325

purchase 1 = 262 units for $18,864

purchase 2 = 187 units for $13,838

total 524 units for $38,027

cost per unit = $38,027 / 524 units = $72.57

cost of goods sold = 500 units x $72.57 = $36,285

ending inventory = 24 units x $72.57 = $1,741.68 ≈ $1,742

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Fair Value Journal Entries, Trading Investments Jets Bancorp Inc. purchased a portfolio of trading securities during 20Y3. The c
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Answer:

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Journal Entries - Fair Value:

Dec. 31, 20Y3:

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Investment in Dolphins Inc.               $3,200

Gain (Loss) on Investments                                     $3,200

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Gain (Loss) on Investments            $4,200

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To record the investment's fair value and loss.

Gain (Loss) on Investments            $1,200

Investment in Namath Company                             $1,200

To record the investment's fair value and loss.

May 10, 20Y4:

Investment in Jets Bancorp Inc     $24,000

Brokerage Commission                       $150

Cash Account                                                          $24,150

To record purchase of 1,000 shares at $24 per share plus commission.

Explanation:

a) Trading securities are a category of securities that include both debt securities and equity securities.   An entity holds them with the intention  to sell in the short-term for a profit that arises from increases in the prices of the securities.

b) Fair value is an asset's selling price, which is freely agreed upon between a willing and knowledgeable buyer and seller.  But, for Debt Securities, it represents the market value of the investments at any point in time when financial statements are being prepared.  Investments that are held for trading purposes are required to be accounted for, using the fair value method.  This implies that the gains and losses, both realized and unrealized must be accounted for whenever financial statements are bing prepared or when the investment is disposed of.

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Explanation:

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