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Alinara [238K]
3 years ago
12

Skysong, Inc. reports the following for the month of June. Units Unit Cost Total Cost June 1 Inventory 250 $5 $ 1,250 12 Purchas

e 500 9 4,500 23 Purchase 375 11 4,125 30 Inventory 125 Calculate Weighted Average Unit Cost
Business
1 answer:
ziro4ka [17]3 years ago
5 0

Answer:

Weighted average unit cost =  $8.78

Explanation:

<em>The weighted average method of inventory determines the average cost per unit of inventory each time a new batch is received. or every new batch received the average cost per unit is re-computed by dividing the total value of stock by the outstanding number of units.</em>

The explanation is completed using calculation below:

Total value of stock = (250× $5)   +  (500×$9) + (375 × 11)  = $9,875

Total units of stock = 250 + 500 + 375 = 1,125  units

Weighted average unit cost = Total value of stock / total units of stock

                                        =  $9875 / 1125 units = $8.78

Weighted average unit cost =  $8.78

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2 years ago
Adjusting Entries Journalize the adjusting entry needed at December 31 for each situation. Record debits first, then credits. Ch
vladimir2022 [97]

Answer:

Date       Accounts Titles                Debit         Credit

Dec-31    Salaries expense              $2,300  

                     Salaries payable                         $2,300

Dec-31    Depreciation expense     $200

               (Furniture )

                      Accumulated depreciation        $200

                       (Furniture)

Dec-31    Insurance expense          $450

                       Prepaid Insurance                   $450

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7 0
3 years ago
During the month of March, Munster Company's employees earned wages of $64,000. Withholdings related to these wages were $4,896
STALIN [3.7K]

Answer:

A) March 31 journal entries for wages expense and wages payable

  • Dr Salaries and Wages Expense account 64,000
  • Cr FICA Taxes Payable account 4,896
  • Cr Federal Income Tax Payable account 7,500
  • Cr State Income Tax Payable account 3,100
  • Cr Union Dues Payable account 400
  • Cr Salaries and Wages Payable account 48,104

B) March 31 journal entries for company's payroll tax expenses

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8 0
3 years ago
The following labor standards have been established for a particular product:
swat32

Answer:

$2,430F

Explanation:

The formulae for labor rate variance is given as (Actual rate - Standard rate) × Actual hours worked.

Labor rate variance = (Actual rate - Standard rate) × Actual hours worked

Given that;

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= $14.8 per hour

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8 0
3 years ago
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