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3 years ago

Splish Brothers Inc. uses a perpetual inventory system. Data for product E2-D2 include the following purchases.

Business

1 answer:

harkovskaia [24]3 years ago

8 0

Answer:

Splish Brothers Inc.

Perpetual Inventory Schedule using moving average costs:

Date Description Number Average Cost Total Cost Cost

of Units Balance

May 7 Purchase 105 $7 $735 $735

June 1 Sales (55) $7 385 350

July 28 Purchase 63 $18 1,134 1,484

August 27 Sales (84) $13.1327 1,103 381

Explanation:

a) Data and Calculations:

Date Number of Units Unit Price Total Costs

May 7 Purchase 105 $7 $735

June 1 Sales (55) $7 385

July 28 Purchase 63 $18 1,134

August 27 Sales (84) $13.1327 1,103

Cost of goods sold = $1,488 ($385 + $1,103)

Ending inventory = $381

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