Gary & Company uses a perpetual inventory system. The following information is available for November:Nov. 14710 SaleInventoryPurchasePurchase12 SaleUnits60120120(60)(130)Purchase SalesPricePrice$5$5.50$9$10$10 (b)Calculate the cost of goods sold and ending inventory under weighted average. (Round weighted average costper unit to 2 decimal places, e.g. 52.75 and final answers to 0 decimal places, e.g. 5,275.)Ending inventoryCost of goods sold$$Weighted Average

Weighted Average Method is one of the methods of inventory valuation in which it is assumed that the…

Gary & Company uses a perpetual inventory system. The following information is available for November: Nov. 1 4 7 10 Sale Inventory Purchase Purchase 12 Sale Units 60 120 120 (60) (130) Purchase Sales Price Price $5 $5.50 $9 $10 $10

Gary & Company uses a perpetual inventory system. The following information is available for November: Nov. 1 4 7 10 Sale Inventory Purchase Purchase 12 Sale Units 60 120 120 (60) (130) Purchase Sales Price Price $5 $5.50 $9 $10 $10

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 6MCQ: Refer to the information for Morgan Inc. above. If Morgan uses a perpetual inventory system, what is...

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Question

Gary & Company uses a perpetual inventory system. The following information is available for November:
Nov. 1
4
7
10 Sale
Inventory
Purchase
Purchase
12 Sale
Units
60
120
120
(60)
(130)
Purchase Sales
Price
Price
$5
$5.50
$9
$10
$10

(b)
Calculate the cost of goods sold and ending inventory under weighted average. (Round weighted average cost
per unit to 2 decimal places, e.g. 52.75 and final answers to 0 decimal places, e.g. 5,275.)
Ending inventory
Cost of goods sold
$
$
Weighted Average

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