Information about the Maxwell Company's inventory of one item during 2022 is given below. Beginning Inventory, Jan. 1, 2022 Purchases: March, 2022 July, 2022 November 2022 Ending Inventory, Dec. 31, 2022 Units Unit Cost 80 $ 34 70 34 90 32 120 31 65 Required: Assuming that Maxwell uses a periodic system, compute the cost of the ending inventory and cost of goods sold using average cost method. Show all of your work in the worksheet space provided. Round your answers to 2 decimal places. Show your work here: Answer: Ending inventory Cost of goods sold
Information about the Maxwell Company's inventory of one item during 2022 is given below. Beginning Inventory, Jan. 1, 2022 Purchases: March, 2022 July, 2022 November 2022 Ending Inventory, Dec. 31, 2022 Units Unit Cost 80 $ 34 70 34 90 32 120 31 65 Required: Assuming that Maxwell uses a periodic system, compute the cost of the ending inventory and cost of goods sold using average cost method. Show all of your work in the worksheet space provided. Round your answers to 2 decimal places. Show your work here: Answer: Ending inventory Cost of goods sold
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 4PEB: Beginning inventory, purchases, and sales for WCS12 are as follows: Assuming a perpetual inventory...
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