Business, 22.05.2020 07:00 cdubble04

Compute the April 30 inventory and the April cost of goods sold using the average-cost method. (Round answers to 0 decimal places, e. g. 2,760.) Ending inventory $enter the ending inventory in dollars rounded to 0 decimal places Cost of goods sold $enter the cost of goods sold in dollars rounded to 0 decimal places

Answers: 1

Show answers

Answers

Answer from: josebrown521

The weighted average cost per unit is = $19.76, cost of goods sold is $8,892, the ending inventory is = $10,868

Explanation:

Solution

Given that:

Cost of goods available for sale

Units Unit Cost Total Cost

April 1 inventory 280 $17 $ 4,760

April 15 purchase 420 20 8,400

April 23 purchase 300 22 6,600

1,000 $19,760

Now,

The weighted average cost per unit = Total cost/Total available units

= 19,760/1,000

= $19.76

Thus,

The Cost of goods sold = Number of units sold x Weighted average cost per unit

= 450 x 19.76

= $8,892

The Ending inventory = Number of units in the ending inventory x Weighted average cost per unit

= 550 x 19.76

= $10,868

Complete question: Cheyenne Company uses a periodic inventory system. For April, when the company sold 450 units, the following information is available:

Units Unit Cost Total Cost

April 1 inventory 280 $17 $ 4,760

April 15 purchase 420 20 8,400

April 23 purchase 300 22 6,600

1,000 $19,760

(1) Calculate weighted average cost per unit

(2) Compute the April 30 inventory and the April cost of goods sold using the average-cost method

Answer from: Quest

water and oil do not mix because water is hydrophilic (it is attracted to itself) and oil is hydrophobic (it is repelled by water).

Answer from: Quest

answer; 20% is your answer;

Another question on Business

Business, 21.06.2019 22:30

What two elements normally must exist before a person can be held liable for a crime

Answers: 1

Answer

Business, 22.06.2019 06:40

Self-interest achieve society’s economic goals because producers know which goods consumers want the most. as consumers and producers exercise their freedom to act in their own self-interest, markets will produce the desired goods at the lowest possible cost. consumers and producers both operate based on society’s economic goals. consumers know which goods can be produced at the lowest cost. there is a wide variety of desired goods and services in a market system because producers determine what to produce. consumers change their minds frequently. there is always a need to produce something new and improved. individual wants are diverse. what is produced is ultimately determined by consumers, because if the goods offered are not what consumers want, consumers will not buy them. producers, because they are driven by profits. producers, because they determine what to produce. consumers, because they participate in marketing surveys.

Answers: 2

Answer

Business, 22.06.2019 11:00

Your debit card is stolen, and you report it to your bank within two business days. how much money can you lose at most? a. $500 b. $25 c. $50 d. $150

Answers: 2

Answer

Business, 22.06.2019 16:20

Stosch company's balance sheet reported assets of $112,000, liabilities of $29,000 and common stock of $26,000 as of december 31, year 1. if retained earnings on the balance sheet as of december 31, year 2, amount to $74,000 and stosch paid a $28,000 dividend during year 2, then the amount of net income for year 2 was which of the following? a)$23,000 b) $35,000 c) $12,000 d)$42,000

Answers: 1

Answer

You know the right answer?

Compute the April 30 inventory and the April cost of goods sold using the average-cost method. (Roun...

Questions