Solution-Post to the Cost of Goods Sold T-account

Post to the Cost of Goods Sold T-account

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Reference no: EM132865268

Question - PLEASE HELP ME UNDERSTAND WHAT THE QUESTION IS ASKING AND HOW TO FIND THE SOLUTION - NO DATA IS MISSING - PLEASE DON'T REPLY IF YOU DON'T HAVE THE SOLUTION.

Oct. 1 Beginning inventory 5 units @ $160 =$ 800

OCT 8 Purchase 4 units @ 160 =640

OCT 15 Purchase 11 units @ 170 =1,870

OCT 26 Purchase 5 units @ 180 =900

1. Total October purchases in one summary entry. All purchases were on credit.

2. Total October sales in a summary entry. Assume that the selling price was $300 per unit and that all sales were on credit.

3. October 31 entries for inventory. The company uses weighted-average cost. Post to the Cost of Goods Sold T-account to show how this amount is determined. Label each item in the account. Assume it is year end. Prepare the journal entries to update the inventory records.

Reference no: EM132865268

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Post to the Cost of Goods Sold T-account

Reference no: EM132865268

Reference no: EM132865268

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