1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
soldi70 [24.7K]
4 years ago
10

Assume that we use a perpetual inventory system and that five identical units are purchased at the following dates and costs: Ap

ril 5 $10 April 10 $12 April 15 $14 April 20 $16 April 22 $17 One unit is sold on April 25. The company uses the weighted average inventory costing method. Identify the cost of the ending inventory on the balance sheet. (Round your answer to 2 decimal places.)
Business
1 answer:
quester [9]4 years ago
5 0

Answer:

Cost of goods sold on April 25 is $13.80 and the inventory balance is $55.20

Explanation:

Data given:total unit

Cost of purchase with  data;

Date                  Amount

April 5                 $10

April 10                $12

April 15                $14

April 20                 $16

April 22                 $17

Total cost             69    

Average cost = total cost /total quantity

                       = 69/5

                       =13.8

The cost of the ending inventory is given on the balance sheet below

Date      Purchases              Cost of            Inventory Bal.   Avg Cost

                                            goods sold

April 5   $10* 1 unit= $10                -                        $10               10/1 = $10

April  10  $12* 1 unit=$12               -               10+ 12 = 22            22/2 = 11

April  15   $14* 1 unit=$14                  -           22+14 =36              36/3 = 12

April 20   $16* 1 unit= $16                  -          36 +16 =52            52/4 = 13

April 22    $17* 1 unit = $17                 -          52+17 =69            69/5 = 13.8

April 25             -           1 unit*13.8 = 13.80      69 - 13.8 = 55.20

You might be interested in
Man is termed an 'economic animal' because he a) has the ability to understand economic activities b) lives a life which is gove
Vinvika [58]

Answer:

The conception of man as an economic animal is implied by the view that economic production is the determining “factor” or “sphere” of man or society. Against this conception can be put another, that of man as praxis. This takes account of man as a creative being, capable of realizing his freedom through his own activity. In this article the theory of the determining role of the “economic factor”, and the theory of factors in general have been examined. The economic interpretation of history, a variant of the theory of factors, has been acknowledged as partly true for the self‐alienated man and society, but the theory of factors in any variant has been found inadequate as a general theory of man, or society. The possibility of freedom cannot be reduced to the fact that the determining roles played by “factors”, vary, or to the hope that the economic “factor” can be subordinated to a “better” one. Man's freedom consists in his resolving the conflict of “factors”, and in realizing himself as an integral creative being, no longer split into independent and mutually opposed spheres.

Explanation:

that should help

5 0
3 years ago
An example of the time-management strategy of using wait-time is
m_a_m_a [10]
An example of this would be completing your assignment while you ride the train, or bringing your assignment with you while you wait at the doctors office for your appointment
5 0
3 years ago
Points lying ______ the production possibilities curve are attainable but reflect less total output than can be produced.
hichkok12 [17]

Points lying inside the production possibilities curve are attainable but reflect less total output than can be produced.

Production is the process of combining various tangible and intangible inputs to produce something for consumption. It is the act of creating an output, goods, or services that are of value and contribute to an individual's benefit.

Production is the process of making, harvesting, or creating something, or the quantity of something manufactured or harvested. An example of production is the manufacture of furniture. An example of production is harvesting corn for food. An example of production volume is the production volume of corn.

Learn more about production here:brainly.com/question/16755022

#SPJ4

7 0
2 years ago
Who has to approve the budget of the U.S. government?
allochka39001 [22]
Answer: D. Congress
8 0
3 years ago
Isabel and Stuart open a money market account to begin saving for the
dangina [55]

Considering the situation described above, this is an example of a "<u>Long-Term investment strategy."</u>

<h3>What is a Long-Term Investment Strategy?</h3>

Long Term Investment Strategy is a type of investment decision in which the investor hopes to reap the rewards later, usually five years or more.

Given that Isabel and Stuart opened a money market account to begin saving for the college expenses of their newborn daughter, which may take an average of 16 years or more before they reap it, this is an example of a "<u>Long-Term Investment Strategy."</u>

Hence, in this case, it is concluded that the correct answer is "<u>Long-term investment strategy."</u>

Learn more about the Investment strategy here: brainly.com/question/25730859

5 0
3 years ago
Other questions:
  • Baa-rated bonds currently yield 6%, while Aa-rated bonds yield 4%. Suppose that due to an increase in the expected inflation rat
    5·1 answer
  • Carey Anderson opened a software consulting firm that immediately paid​ $21,000 for a computer system. Was​ Anderson's computer
    5·1 answer
  • Suppose that the demand rate is 500 units per week. The fixed ordering cost is $60 per order. The unit inventory cost is 20% of
    8·1 answer
  • If investors sell their stocks and increase their money holdings due to a bad economy then is the demand or supply affected?
    5·1 answer
  • Lopez Plastics Co. (LPC) issued callable bonds on January 1, 2021. LPC's accountant has projected the following amortization sch
    6·1 answer
  • A company received $11,000 cash in exchange for 200 shares of the company’s common stock. What would the effect of this transact
    10·1 answer
  • which statement was true in the past but is not generally true today? A. the training and education costs for some jobs will pro
    10·1 answer
  • The Fed's use of open market operations affects banks
    10·2 answers
  • Pumpkin Company, during its first year of operations in 2016, reported taxable income of $170,000 and pretax financial income of
    5·1 answer
  • Bravo inc owns 20,000 of the 40,000 outstanding shares of bello, inc. common stock. During 2021, Bello earns 1,200,000 and pays
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!