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Prepare a income statement down to gross profit

Assignment Help Financial Accounting
Reference no: EM132495345

You are given the following information for Swan Valley Company for the month ended June 30, 2021:

Apply perpetual moving average

Date                               Description.                     Units                 Unit Price

June 1                          Beginning inventory          20                     $50

4                                 Purchase                   85.                      55

10                                  Sale                       (90)

18                                   Purchase               35                          58

25 Sale                                                         (30)

28                                        Purchase               15                     60

  • Swan Valley Company uses a perpetual inventory system. All sales and purchases are on account.

Instructions

Question a. Calculate the cost of goods sold and the ending inventory using weighted average, (Round the weighted average cost per unit to two decimal places.) using the nine column schedule.

Question b. Assume the sales price was $90 per unit for the goods sold on June 10, and $95 per unit for the sale on June 25. Prepare journal entries to record the June 10 sale and the June 18 purchase.

Question c. Prepare a Income Statement down to Gross Profit

Reference no: EM132495345

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