Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. during 2021, a company sells 25 units of inventory

During 2021, a company sells 25 units of inventory. The company has the following inventory...

80.2K

Verified Solution

Question

Accounting

imageimage

During 2021, a company sells 25 units of inventory. The company has the following inventory purchase transactions for 2021: Total Date Number of Units 20 10 Transaction Jan. 1 Beginning inventory Sep.8 Purchase Unit Cost $55 24 Cost $1,100 240 $1,340 30 Calculate ending inventory and cost of goods sold for 2021 assuming the company uses the weighted average cost method. (Round weighted-average unit cost to 4 decimal places. Round your final answers to the nearest dollar amount.) Ending inventory Cost of goods sold Inventory records for Fit Bit revealed the following: Date Transaction Mar. 1 Beginning inventory Mar. 10 Purchase Mar. 16 Purchase Mar. 23 Purchase Number of Units 980 570 470 540 Unit Cost $7.12 7.62 8.22 8.92 Fit Bit sold 1,890 units of Inventory during the month. Calculate ending Inventory based on FIFO: (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.) Multiple Choice $5,885. $1,409 $3,416. $6.978

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

Statistics
1.2K views

The (simulated) data (mg decrease per decilitre of blood) for the Omega-3 group is stored in...

Psychology
1.2K views

describe the process and development of attachment in terms of the roles that nature and nuture...

Electrical Engineering
1.2K views

1. Two electric charges, the first value + 3Q and the second value + 2Q are...

Biology
1.2K views

The body mass index BMI is used mainly to O determine your overall physical condition...

Biology
1.2K views

A scientist finds a fossil that she thinks might make a good index fossil.Which characteristic...

Biology
1.2K views

question 3 Points 1 What was a consequence of WWI in the United States O...

Geometry
1.2K views

Coins are placed into a treasure chest and each coin has a radius of 1...

Basic Math
1.2K views

How does characterization support satire Select three options It pokes fun at characters by placing...

Basic Math
1.2K views

Use a graphing utility to graph the function to approximate (to two decimal places) any...

Algebra
1.2K views

Determine all positive number replacements less than the modulus for the question mark that make...

Accounting
1.2K views

Harrington Company was sued by an employee in late 2017. General counsel concluded that there...

Accounting
1.2K views

nformation on Barber Company's direct labor costs for the month of January is as follows:...