edugen.wileypius.co WilleyPLUs: MywileyPLUS | He Kieso, Intermediate Accounting,

Question

edugen.wileypius.co WilleyPLUs: MywileyPLUS | He Kieso, Intermediate Accounting, 16e Intermediate Accoun ce Assignment Gradebook ORION Downloadable eTextbook ent CALCULATOR MESSAGE MY INSTRUCTOR FULL SCREEN PRINTER VERSI Question 1 Martinez Company is a multi product firm. Presented below is information concerning one of its products, the Hawkeye 2/4 Purchase 2/20 Sale 4/2 Purchase 1/4 Sale 1/1 Beginning inventory 3,300 4,300 4,800 5,300 4,500 Date Transaction Quantity Price/Cost $18 28 46 35 51 Calculate average-cost per unit. (Round answer to 4 decimal places, e.g. 2.7613.) Average-cost per unit 28.32 LINK TO TEXT

Explanation / Answer

(d) Perpetual system, LIFO cost flow:

(e) Periodic system, weighted average cost flow:

Units available for sale = beginning inventory+purchases = 3300+4300+5300 = 12,900

Units sold = 4800+4500 = 9300 units.

Units in ending inventory = 12900-9300 = 3600 units

Weighted average cost method:

28.3178 = 365,300/12,900

Thus cost of goods sold = 9300 units*28.3178 = $263,355.81 or 263,356 (rounded off)

(f) Peprpetual system, moving average cost flow:

Thus cost of goods sold = 113,557.89+139,856.73

= $253,414.62 or 253,415 (rounded off)

Date Cost of sale Amount 2/20 4300*28 120,400.00 500*18 9,000.00 Total cost of goods sold for 2/20 sale 129,400.00 11/4 4500*35 157,500.00 Total cost of goods sold 286,900.00

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