Reference no: EM132503303

Jose Zorilla uses a perpetual inventory system. During April, he sold 700 units, (270 units on April 20 and 430 units on April 28). The following other information is available:

                                            Units                           Unit Cost                        Total Cost 

April 1 inventory                   250                                 $12.20                        $3,050.00

April 15 purchase                 400                                  17.50                        7,000.00

April 23 purchase                      350                                    15.20                    5,320.00

                                             1,000                                                           $15,370.00

Question 1: Calculate the April 30 inventory and the April cost of goods sold using the weighted average cost formula. (Round the weighted average cost per unit to 3 decimal places, e.g. 5.275 and final answers to 2 decimal places, e.g. 5,275.25.)

Question 2: Calculate the April 30 inventory and the April cost of goods sold using the FIFO cost formula.

Question 3: Prepare the journal entry to record the April 15 purchase assuming the company uses the FIFO method of inventory. All purchases are on credit. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Question 4: Prepare the journal entries to record the sale of units on April 28 for a total of $10,208, assuming the company uses the weighted average cost method. All sales are credit sales. (Round final answers to 2 decimal places, e.g. 5,275.25. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)