please answer on notebook and should be clear. Tale Company uses a perpetual inventory...

50.1K

Verified Solution

Question

Accounting

image
please answer on notebook and should be clear.
Tale Company uses a perpetual inventory system and had the following beginning inventory and purchases during January, 2011: Date Jan1 Jan 16 Jan20 Total Inventory Purchase Purchase Units 300 200 300 800 Unit Cost $14 $15 $16 Total Cost 4,200 3,000 4,800 12,000 Sales of units were as follows (all on credit): Jan 15 Jan28 Total units sold 200 Units 460 Units 660 @$30 @$35 Required: 1. Calculate the ending inventory and the cost of goods sold under a perpetual inventory system by applying each of the four different methods of inventory costing: FIFO Moving weighted average Required 1) Ending inventory 2) COGS 3) Gross Margin 4) Entries for inventory purchase and Sales

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