Question

Coronado Department Store uses a perpetual inventory system. Data for product E2-D2 include the following purchases....

Coronado Department Store uses a perpetual inventory system. Data for product E2-D2 include the following purchases.

Date

Number of Units

Unit Price

May 7 50 $17
July 28 30 22


On June 1, Coronado sold 20 units, and on August 27, 40 more units.

Prepare the perpetual inventory schedule for the above transactions using moving-average cost. (Round average-cost per unit to 2 decimal places, e.g. 12.50 and final answers to 0 decimal places, e.g. 1,250.)

Product E2-D2

Date

Purchases

Cost of Goods Sold

Balance

May 7 $ $ $
June 1 $ $ $
July 28 $ $ $
Aug. 27 $ $ $

Homework Answers

Answer #1

PERPETUAL INVENTORY SCHEDULE USING MOVING-AVERAGE COST

Date Purchases Cost of goods sold Balance
May 7 $850 - $850
June 1 - $340 $510
July 28 $660 - $1,170
Aug 27 - $780 $390

Computation:

Date Purchases Cost of goods sold Balance
May 7 50 units * $17 = $850 - $850
June 1 - 20 units * $17 = $340 $850 - $340 = $510
July 28 30 units * $22 = $660 - $510 + $660 = $1,170
Aug 27 -

40 units * ($1,170 / 60 units)

= 40 units * $19.50

= $780

$1,170 - $780 = $390

All the best...

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Sheridan Company uses a perpetual inventory system. Data for product E2-D2 include the following purchases. Date...
Sheridan Company uses a perpetual inventory system. Data for product E2-D2 include the following purchases. Date Number of Units Unit Price May 7 40 $7 July 28 25 14 On June 1, Sheridan sold 20 units, and on August 27, 25 more units. Compute the cost of goods sold using (a) FIFO, (b) LIFO, and (c) average-cost. (Round average cost per unit to 3 decimal places, e.g. 1.246.) Cost of Goods Sold FIFO $enter the cost of goods sold amount...
Calculate the average cost per unit, using a perpetual inventory system. Assume a sale of 420...
Calculate the average cost per unit, using a perpetual inventory system. Assume a sale of 420 units occurred on June 15 for a selling price of $8 and a sale of 50 units on June 27 for $9. (Round answers to 3 decimal places, e.g. 5.125.) Date Explanation Units Unit Cost Total Cost June 1 Inventory 150 $5 $750 12 Purchases 350 6 2,100 23 Purchases 240 7 1,680 30 Inventory 270 June 1 $enter a dollar amount 5 June...
Bramble Limited uses a perpetual inventory system. The inventory records show the following data for its...
Bramble Limited uses a perpetual inventory system. The inventory records show the following data for its first month of operations: Date Explanation Units Unit Cost Total Cost Balance in Units Aug. 2 Purchases 262 $67 $17,554 262 3 Purchases 486 105 51,030 748 10 Sales (307 ) 441 15 Purchases 916 114 104,424 1,357 25 Sales (319 ) 1,038 Calculate the cost of goods sold and ending inventory using the average cost method
Sage Hill Inc. uses a periodic inventory system reports the following for the month of June....
Sage Hill Inc. uses a periodic inventory system reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 120 $5 $600 12 Purchases 360 6 2,160 23 Purchases 210 7 1,470 30 Inventory 300 A sale of 340 units occurred on June 15 for a selling price of $9 and a sale of 50 units on June 27 for $10. (a) Partially correct answer iconYour answer is partially correct. Calculate the average...
1. Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable game players are...
1. Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 68 units @ $96 10 Sale 50 units 15 Purchase 88 units @ $102 20 Sale 48 units 24 Sale 14 units 30 Purchase 30 units @ $107 The business maintains a perpetual inventory system, costing by the last-in, first-out method. Determine the cost of merchandise sold for each sale and the inventory balance after each sale, presenting the...
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable DVD players are as...
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable DVD players are as follows: June 1 Inventory 74 units @ $78 6 Sale 55 units 14 Purchase 30 units @ $81 19 Sale 27 units 25 Sale 14 units 30 Purchase 25 units @ $86 The business maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the cost of the merchandise sold for each sale and the inventory balance after each sale, presenting the...
FIFO Perpetual Inventory The beginning inventory at Dunne Co. and data on purchases and sales for...
FIFO Perpetual Inventory The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are as follows: Date Transaction Number of Units Per Unit Total Apr. 3 Inventory 72 $300 $21,600 8 Purchase 144 360 51,840 11 Sale 96 1,000 96,000 30 Sale 60 1,000 60,000 May 8 Purchase 120 400 48,000 10 Sale 72 1,000 72,000 19 Sale 36 1,000 36,000 28 Purchase 120 440 52,800 June 5 Sale 72 1,050...
Cheyenne Corp. uses a periodic inventory system and reports the following for the month of June....
Cheyenne Corp. uses a periodic inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 130 $5 $ 650 12 Purchases 370 6 2,220 23 Purchases 200 7 1,400 30 Inventory 240 Calculate weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round answers to 0 decimal places, e.g....
Blue Furniture Ltd. uses a perpetual inventory system and has a beginning inventory, as at June...
Blue Furniture Ltd. uses a perpetual inventory system and has a beginning inventory, as at June 1, of 490 bookcases at a cost of $130 each. During June, the company had the following purchases and sales of bookcases: Purchases Sales Date Units Unit cost Units Unit price June 6 1,200 $132 10 1,030 $204 14 1,770 133 16 1,670 209 26 960 134 (a) Correct answer iconYour answer is correct. Determine the cost of goods sold and the cost of...
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable DVD players are as...
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable DVD players are as follows: June 1 Inventory 64 units @ $85 6 Sale 43 units 14 Purchase 32 units @ $88 19 Sale 28 units 25 Sale 20 units 30 Purchase 30 units @ $92 The business maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the cost of the merchandise sold for each sale and the inventory balance after each sale, presenting the...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT