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
Helga [31]
3 years ago
11

Using the data below, determine the ending inventory amount assuming the weighted average method with a periodic inventory syste

m. Beginning inventory, 10 units Purchases, 20 units Total cost of units available for sale, $3,000 Ending inventory, 12 units $3,000 $100 $1,200 None of these choices are correct. 2. Using the data below, calculate the cost of merchandise sold. Beginning inventory, $1,000 Inventory purchased, $3,000 Net Income, $40,000 Ending inventory, $2,000 Sales, $185,000 $2,000 $4,000 $185,000 $145,000
Business
1 answer:
ICE Princess25 [194]3 years ago
4 0

Answer:

The Cost of Merchandise Sold or Cost Of Goods Sold COGS =

Total Costs of Units Available for Sale = $3,000.00

Weighted Average Cost = $133.33.00

COGS = (Total Costs of Units Available for Sale + Weighted Average Cost)

COGS = $3,000.00 + $133.33.00

COGS = $399,990.00

Explanation:

SOLUTION

Actual Cost of All Inventory (ACOI) = (Beginning of Inventory + Purchases)

Beginning of Inventory = $1,000.00

Purchases = $3,000.00

ACOI = $1000.00 + $3,000.00

ACOI = $4,000.00.

Total Units of Inventory = (Beginning of Inventory units + Purchases units)

Beginning of Inventory units = 10 Units

Purchases units = 20 Units

Total Units of Inventory = 10 + 20

Total Units of Inventory = 30 Units.

The Weighted Average Cost

WAC = Actual cost Of Inventory ÷ Total Units of Inventory

Actual cost Of Inventory = $4,000.00

Total Units of Inventory = 30 Units

WAC = $4,000.00 ÷ 30 Units

WAC = $133.33

Ending Inventory = Ending inventory x WAC

Ending Inventory = 12 units x $133.33

Ending Inventory = $1,599.96

The Cost of Merchandise Sold or Cost Of Goods Sold COGS =

Total Costs of Units Available for Sale = $3,000.00

Weighted Average Cost = $133.33.00

COGS = (Total Costs of Units Available for Sale + Weighted Average Cost)

COGS = $3,000.00 + $133.33.00

COGS = $399,990.00

You might be interested in
What is opportunity cost
RideAnS [48]
<span>the loss of potential gain from other alternatives when one alternative is chosen.</span>
8 0
3 years ago
Read 2 more answers
Greg is the owner of a full-service car wash. For the month of December he paid $2,000 in rent, $700 in utilities, $2,950 in sal
galben [10]

Answer:

Break-even point= 713 car washes

Explanation:

Giving the following information:

For December he paid $2,000 in rent, $700 in utilities, $2,950 in salaries, and $50 on advertising. A full-service car wash costs $10.50. Unit variable costs per car wash are $2.50.

First, we need to calculate the total fixed costs:

Fixed costs= rent + utilities + salaries + advertising

Fixed costs= 2,000 + 700 + 2,950 + 50= $5,700

Now, using the following formula, we can calculate the break-even point in units:

Break-even point= fixed costs/ contribution margin

Break-even point= 5,700/ (10.5 - 2.5)= 713 car washes

3 0
3 years ago
Congress passed the Sarbanes-Oxley Act to
fiasKO [112]
To… help protect investors from fraudulent financial reporting by corporations
8 0
2 years ago
True/ false any procedure that is used to make employee selection decisions is construed to be a test.
larisa86 [58]
The answer that I choose was false
7 0
3 years ago
Use a well labelled graph to explain why the introduction of maximum prices in the petrol industry will not be an ideal decision
-Dominant- [34]

A country's economy will go on a decline if there is a hyperinflation in the petrol prices.

<h3>What is hyperinflation?</h3>

Extreme increase in prices in a very short span of time is regarded as the condition of hyperinflation. If there is hyperinflation in the petrol prices, its demand will be lowered and people will look for substitutes.

Thus, increase or hyperinflation in the petrol prices will lead to declining of a country's economy and will not serve as a wise decision.

Learn more about hyperinflation here:

brainly.com/question/22313119

#SPJ1

5 0
2 years ago
Other questions:
  • Must a copyright symbol be displayed to protect the copyright?
    11·1 answer
  • What considerations should govern your decision making as a consumer?
    10·1 answer
  • Ellen and george work for the same company. ellen, a gen xer, really appreciates the flextime opportunities, while george, a bab
    13·1 answer
  • What is the principle of indemnity? Why is this principle important?
    9·1 answer
  • The Turkish Lira (TL) was officially devalued by the Turkish government in February 2001 during a severe political and economic
    8·1 answer
  • On December 31, the company provides consulting services and bills its customer $3,000 for these services.
    15·1 answer
  • Yall anyone give me a mission statement to use please !!!!!
    6·1 answer
  • kya clark borrowed 7500 ay 6%ordinary interest for 180 days after 40 days she made a partial payemnt of 2500 after another 70 da
    14·1 answer
  • Tanning Company analyzes its receivables to estimate bad debt expense. The accounts receivable balance is $354,000 and credit sa
    5·1 answer
  • Credit and debit
    14·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!