Problem 6-5A (Part Level Submission) Concord Skateshop Ltd. reports the followin

Question

Problem 6-5A (Part Level Submission) Concord Skateshop Ltd. reports the following inventory transactions for its skateboards for the month of April. The company uses the perpetual inventory system Date Apr. 1 Beginning inventory 30 Explanation Units Unit Cost Total Cost $1,620 645 $54 15 (35) 20 (25) 20 6 Purchases 9 Sales 14 Purchases 20 Sales 28 Purchases 41 820 35 700 (a) Determine the cost of goods sold and cost of ending inventory using average cost. (Round answers to 2 decimal places, e.g. 1.25.) Cost of Goods Sold Cost of Ending Inventory

Explanation / Answer

STATEMENT SHOWING INVENTORY RECORD UNDER PERPETUAL WEIGHTED AVERAGE METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ 1-Apr 30 54 1620 6-Apr 15 43 645 30 54 1620 15 43 645 Average 45 50.33 2265 9-Apr 35 50.33 1761.55 10 50.33 503.45 14-Apr 20 41 820 10 50.33 503.45 20 41 820 AVERAGE 30 44.115 1323.45 20-Apr 25 44.1 1102.5 5 44.1 220.95 28-Apr 20 35 700 5 44.1 220.95 20 35 700 AVERAGE 25 36.84 920.95 TOTAL 55 2165 60 2864.05 25 36.84 920.95 Cost of goods sold $2,864 Ending inventory $921

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