The inventory schedule shows the purchases and sales for one item. This company uses the...
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Accounting
The inventory schedule shows the purchases and sales for one item. This company uses the perpetual inventory system and the weighted-average cost inventory valuation method. Missing values are shown with xx.
Inventory Schedule
Purchases
Sales
Balance
Transaction
Description
Quantity
Amount
Quantity
Amount
Quantity
Amount
Opening Balance
0
$ 0
#1
Purchase from CCC Co.
340
$3,800.00
xx
$xx
#2
Sale to QQQ Co.
xx
$xx
100
$1,117.65
#3
Sale to EEE Co.
36
$xx
xx
$xx
#4
Purchase from LLL Co.
114
$1,710.00
xx
$xx
#5
Sale to VVV Co.
102
$xx
xx
$xx
Answer the following multiple-choice questions by selecting the correct answer from the dropdown boxes.
1) What is the cost of goods sold for the sale in transaction #2? Answer$3,800.00$2,682.35$1,117.65$2,458.62
2) What is the cost of goods sold for the sale in transaction #3? Answer$402.35$715.30$1,117.65$335.29
3) What is the average cost per item after the purchase in transaction #4? Answer$11.18$15.00$12.53$13.62
4)How many units are in inventory after the purchase in transaction #4? Answer114 units178 units64 units76 units
5)What is the value of the balance of inventory after the last transaction? Answer
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