Shown below is activity for one of the products of Denver Office Equipment: Janu

Question

Shown below is activity for one of the products of Denver Office Equipment: January 1 balance, 590 units@ $50 $29,500 Purchases: January 10: 590 units@$50 January 20: 1,020 units$60 Sales: January 12: 840 units January 28: 790 units Required: Compute the January 31 ending inventory and cost of goods sold for January, assuming Denver uses average cost and a periodic inventory system. (Do not round intermediate calculations. Round your final answers to nearest whole dollar amount.) Ending inventory Cost of goods sold 90,150x 34,200

Explanation / Answer

STATEMENT SHOWING INVENTORY RECORD UNDER PERIODIC WEIGHTED AVERAGE METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ Beg. Balance 590 50 29500 Purchasse 10-Jan 590 50 29500 20-Jan 1020 60 61200 TOTAL 2200 54.64 120200 1630 54.64 89063 570 54.64 31137 Ending Inventory 31137 Cost of Good sold 120200

Related Questions

Navigate

• Browse (All)
• Browse S
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.