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Carla Vista Company uses a periodic inventory system. Its records show the followin April 30: April 1 12 16 Inventory Purchases Purchases Units 29 50 16 OF Unit Cost $9 12 10 Total Cost $261 600 160 $4.004

Carla Vista Company uses a periodic inventory system. Its records show the followin April 30: April 1 12 16 Inventory Purchases Purchases Units 29 50 16 OF Unit Cost $9 12 10 Total Cost $261 600 160 $4.004

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter3: Review Of A Company's Accounting System
Section: Chapter Questions
Problem 8E: Periodic Inventory System Raynolde Company uses a periodic inventory system. At the end of the year,...
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Carla Vista Company uses a periodic inventory system. Its records show the following for the month of April, with 27 units on hand at April 30: April 1 12 16 Inventory Purchases Purchases Total Units 29 50 16 95 Unit Cost $9 12 10 Total Cost $261 600 160 $1,021
Transcribed Image Text:Carla Vista Company uses a periodic inventory system. Its records show the following for the month of April, with 27 units on hand at April 30: April 1 12 16 Inventory Purchases Purchases Total Units 29 50 16 95 Unit Cost $9 12 10 Total Cost $261 600 160 $1,021
(a) Calculate the ending inventory and cost of goods sold at April 30 using the FIFO and weighted average cost formulas. (Round the weighted average cost per unit to 2 decimal places, e.g. 52.75 and final answers to O decimal places, e.g. 5,275.) Ending Inventory Cost of Goods Sold $ $ FIFO $ $ Weighted average
Transcribed Image Text:(a) Calculate the ending inventory and cost of goods sold at April 30 using the FIFO and weighted average cost formulas. (Round the weighted average cost per unit to 2 decimal places, e.g. 52.75 and final answers to O decimal places, e.g. 5,275.) Ending Inventory Cost of Goods Sold $ $ FIFO $ $ Weighted average
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(b) Prove the cost of goods sold calculations. (Round the weighted average cost per unit to 2 decimal places, e.g. 52.75 and other answers to O decimal places, e.g. 5,275.) Check of Cost of Goods Sold (FIFO): Apr. 1 Apr. 12 Weighted Average Units Check of Cost of Goods Sold: $ Unit Cost units x $ $ $ Total Cost per unit = $
Transcribed Image Text:(b) Prove the cost of goods sold calculations. (Round the weighted average cost per unit to 2 decimal places, e.g. 52.75 and other answers to O decimal places, e.g. 5,275.) Check of Cost of Goods Sold (FIFO): Apr. 1 Apr. 12 Weighted Average Units Check of Cost of Goods Sold: $ Unit Cost units x $ $ $ Total Cost per unit = $
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