Solution-Determine the dollar values cost of goods sold

Determine the dollar values cost of goods sold

Assignment Help Financial Accounting

Reference no: EM132630674

Alpha Company uses the periodic inventory system for purchase & sales of merchandise. The value of inventory is based on periodic system. On January 1, 2016, beginning inventory consisted of 400 units of widgets costing $10 each. Alpha prepares monthly income statements.

The following events occurred during the month of Jan.:

Date Activity

a. Jan. 3 Purchased on account 350 widgets for $11 each. b.

Jan. 5 Sold on account 500 widgets for $30 each.

c. Jan. 10 Purchased on account 650 widgets for $12 each.

d. Jan. 12 Returned 50 widgets received from Jan. 10 purchase.

e. Jan. 13 Paid for the purchases made on Jan. 3.

f. Jan. 21 Sold on account 550 widgets for $30 each.

g. Jan. 25 Received payment for the sale made on Jan. 5.

h. Jan. 26 Paid for the purchases made on Jan. 10.

i. Jan. 31 Received payment for the sale made on Jan. 21.

Problem i: Using the Weighted Average method, determine the dollar values following for the month of January: (Enter only whole dollar values.)

1. Ending Inventory

2. Cost of Goods Available for Sale

3. Cost of Goods Sold

Reference no: EM132630674

Questions Cloud

Differing cultural perspectives on policing : Analyze the differing cultural perspectives on policing, the courts, and corrections

How do calculate the cost of equity using the capm : How do Calculate the cost of equity (Rs) using the CAPM. The formula is Rs = rRF + (RPM ) x ß. Rs is the required return on equity or the Cost of Equity

Various drugs were available and deemed legal : From 1865 through the early 1900s, various drugs were available and deemed legal.

How much of Beckett taxable income is apportioned to State B : State B uses a double-weighted sales factor in its three-factor apportionment formula. How much of Beckett's taxable income is apportioned to State B

Determine the dollar values cost of goods sold : Using the Weighted Average method, determine the dollar values Cost of Goods Sold for the month of January: (Enter only whole dollar values.)

Congressional defense budget process : Explain the successive phases of the congressional defense budget process.

Determine the apportionment factors : Determine the apportionment factors for A and B assuming that A uses a three-factor apportionment formula under which sales

What is the amount of undiscounted cash flows : What is the amount of undiscounted cash flows for the provision? During 2020, Ocean Company is a defendant in a patent infringement lawsuit

Reconcile the reciprocal accounts at the end of the period : Reconcile the reciprocal accounts at the end of the period. What are the Statement of Financial Position and Statement of Profit or Loss of the branch?

User Account

All Pages

Determine the dollar values cost of goods sold

Reference no: EM132630674

Reference no: EM132630674

Questions Cloud

Reviews

Write a Review

Financial Accounting Questions & Answers

Financial statement analysis and preparation

Shareholder of a company

Financial and accounting principles

Prepare a statement of cash flow using the direct method

Financial accounting assignment

Prepare general journal entries for goela

Principles of financial accounting

Prepare general journal entries to record the transactions

Global reporting initiative

Explain the iasb conceptual frameworks

Determine the company''s financial statements

Computation of free cash flow

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT