Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. abc. ltd. uses a perpetual inventory system and th

ABC. Ltd. uses a perpetual inventory system and the weighted average cost method. The following...

70.2K

Verified Solution

Question

Accounting

imageimage

ABC. Ltd. uses a perpetual inventory system and the weighted average cost method. The following represents complete information on inventory transactions for ABC. Ltd. for the year: January 1: Opening inventory 6000 units at $ 7 per unit June 1: Purchased 8000 units at $ 10 per unit August 1: Sold 9000 units at $ 20 per unit October 1: Purchased 4000 units at $ 6 per unit Calculate ending inventory. Round your answer to the nearest dollar. Your Answer: Answer On January 1, year 1 ABC. Ltd. had a piece of equipment with a cost of $ 130000 and accumulated depreciation of $ 60000. The company uses the straight line method. The equipment has a useful life of 15 years and a residual value of $ 25000. The equipment was sold on July 1, year 1 for $ 40000. Calculate the gain or loss on disposal. If the amount is a gain, enter the answer as a positive amount below (i.e. 20000). If the amount is a loss, enter the answer as negative amount below (i.e. -20000). Round your final answer to the nearest dollar. Your

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students