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Eva8 [605]
2 years ago
11

Weighted Average Cost Flow Method Under Perpetual Inventory System The following units of a particular item were available for s

ale during the calendar year:
Jan. 1 Inventory 10,000 units at $75.00
Mar. 18 Sale 8,000 units
May 2 Purchase 18,000 units at $77.50
Aug. 9 Sale 15,000 units
Oct. 20 Purchase 7,000 units at $80.25
The firm uses the weighted average cost method with a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale. Present the data in the form illustrated in Exhibit 5. Round unit cost to two decimal places, if necessary.
Business
1 answer:
zmey [24]2 years ago
3 0

Answer:

Please see attached solution

Explanation:

a. Cost of goods sold . Detailed explanation attached.

b. Ending inventory. Detailed explanation attached.

Note 1.

Weighted average cost per unit on January 20

= $1,545,000/20,000 units

= $77.5

Note 2

Weighted average cost per unit on January 30

= $948,000/12,000 units

= $79.00

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The name for computations that allow you to determine how much money to deposit now to earn a desired amount in the future is
nydimaria [60]

Answer:

Future value

Explanation:

The name for computation that allows you to determine how much money to deposit now to earn a desired amount in the future is "Future value." Future value is the equivalent of an asset at a particular date. It estimates specific nominal future sum of cash that an invested sum of money is "worth" at a stipulated period in the future considering a specific interest rate, or more commonly, rate of interest; it is the immediate price multiplied by the aggregation function.

5 0
3 years ago
In 2020, Marigold Corp., issued for $102 per share, 86000 shares of $100 par value convertible preferred stock. One share of pre
lapo4ka [179]

Answer:

$2322,000

Explanation:

The computation of amount credited to additional paid-in capital is shown below:-

Amount credited to additional paid-in capital = Issued per share × Number of shares) - (Number if shares × Preferred stock shares converted into three shares × Par value of common stock

= ($102 × 86,000) - (86,000 × 3 × $25)

= $8,772,000 - $6,450,000

= $2322,000

So, for computing the amount credited to additional paid-in capital we simply applied the above formula.

4 0
2 years ago
The third-party problem: a. occurs when a market activity leads to a negative externality.b. occurs when a market activity leads
Iteru [2.4K]

Answer:

The correct answer is letter "C": occurs when a market activity leads to a negative or a positive externality.

Explanation:

An Economic Externality is a cost or benefit paid or earned by a third party that does not have control over the factors that produced the cost or benefit. The third-party problem arises when whether negative or positive externalities affect individuals who are not involved in market activities.

4 0
3 years ago
Journalise the followung transactions.
katovenus [111]

Answer:

Explanation:

S/No        Date        Transaction          Dr($)          Cr($)

1             Oct.1         Rent Expense      3,600

                                    Cash                                 3,600

2.           Oct.3        Advert. Expenses  1,200

                                    Cash                                   1,200

3.            Oct.5           Supplies              750

                                     Cash                                      750

4             Oct.6       Office equipment     8000

                                Accounts Payable                       8,000

5             Oct.10               Cash                1 4,800

                                Accounts receivable                    14,800

6              Oct.15    Accounts payable      7,110

                                      Cash                                         7,110

7.              Oct.27    Miscellaneous             400

                                        Cash                                        400

8               Oct.30    Utilities Expenses      250

                                       Cash                                          250

9               Oct 31     Accounts receivable   33,100

                                       Fees earned                             33,100

10              Oct.31          Utility Expense       1,050

                                           Cash                                        1050

11               Oct.31                Drawings           2,500

                                              Cash                                    2,500

3 0
3 years ago
Differentiate between cash-basis accounting and accrual-basis accounting. Why is accrual-basis accounting the preferred method f
Umnica [9.8K]

Answer:

Reason : To ensure constant flow of cash

Explanation:

<u>Accrual Basis of accounting</u> records transactions when they meet definition and recognition criteria of Assets, Liabilities,Equity, Expense and Incomes.

This is different from<u> cash-basis accounting</u> which records transactions at the receipt or payment of cash.

Because of <em>timing</em> difference, the cash transactions (cash basis) can happen a late than the day of recognition of the elements (accrual basis).

Hence Revenue services demand that income tax be calculated on accrual basis to ensure a constant flow of cash whenever an entity transact.

8 0
2 years ago
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