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Fiesta28 [93]
3 years ago
5

Weighted Average Cost Flow Method Under Perpetual Inventory System

Business
1 answer:
Fudgin [204]3 years ago
6 0

Answer and Explanation:

The computation of the cost od merchandised sold for each sale and the inventory balance after each sale is presented in the attachment below;

The perpetual inventory is the system which updated the inventory as on a regular basis

While on the other hand,  the weighted average cost method is the method in which the average cost is calculated after each every purchase is made

In the calculation below:

1. The weighted average cost of $30.90 come from

= (Total inventory cost) ÷ (Total quantity)

= ($180,000 + $1,674,000) ÷ (60,000 units)

= $30.90

1. The weighted average cost of $31.60 come from

= (Total inventory cost) ÷ (Total quantity)

= ($463,500 + $674,100) ÷ (36,000 units)

= $31.60

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direct material 994700 0 994700

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variable overhead 101500 0 101500

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Hi-Tech, Inc., reports net income of $65.0 million. Included in that number are depreciation expense of $5.5 million and a loss
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Answer:

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The indirect Method would be used here because all we will find the cash expenses and revenues that were converted into within the year and are reported in the income statement by calculating the increase and decrease in the current assets and current liabilities. Here we will also eliminate the non cash expense effects by adding them back.

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<u>Add Non Cash Deductions</u>

2. Depreciation                                             5.5

3. Loss on sale of Equipment                       1.5

<u>Add / (Less) the increase or </u>

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<u>liabilities</u>

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6. Increase in inventory                               <u> (4.5) </u>

Net Cash Flows from operating activities $68.5

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