2.5Study the information given below and calculate the value of closing inventory as at 31 March 2022using the weighted average cost method.INFORMATIONPrintgo Suppliers had an inventory of 10 printers at R2 000 each on 01 March 2022. The following transactions tookplace during March 2022 in respect of the printers that it sells:08 March09 March20 March32 units at R2 100 each were purchased.12 units purchased on 08 March were returned to the supplier.20 units at R2 200 each were purchased on 20 March 2022.Printgo Suppliers sold 40 printers at R4 000 each during March 2022.

Name: 2.5Study the information given below and calculate the value of closi
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: 2.5Study the information given below and calculate the value of closing inventory as at 31 March 2022using the weighted average cost method.INFORMATIONPrintgo Suppliers had an inventory of 10 printers at R2 000 each on 01 March 2022. The following t

Inventory valuation is a very important and crucial part that is to be played by the management. The…

Answered: Study the information given below and…

Business

Accounting

Study the information given below and calculate the value of closing inventory as at 31 March 2022 using the weighted average cost method.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 9EA: Calculate the cost of goods sold dollar value for A66 Company for the month, considering the...

See similar textbooks

Similar questions

Calculate the cost of goods sold dollar value for A66 Company for the month, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for last-in, first-out (LIFO).
Calculate the cost of goods sold dollar value for A65 Company for the month, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for first-in, first-out (FIFO).
Reese Manufacturing Company manufactures and sells a limited line of products made to customer order. The company uses a perpetual inventory system and keeps its accounts on a calendar year basis. A 6-column spreadsheet is presented on page 1100. Additional information needed to prepare the income statement and schedule of cost of goods manufactured is as follows: REQUIRED 1. Prepare an income statement and schedule of cost of goods manufactured for the year ended December 31,20--. 2. Prepare a statement of retained earnings for the year ended December 31,20--. 3. Prepare a balance sheet as of December 31, 20--. 4. Prepare the adjusting, closing, and reversing entries.
Golden Eagle Company began operations on April 1 by selling a single product. Data on purchases and sales for the year are as follows: Purchases: Sales: The president of the company, Connie Kilmer, has asked for your advice on which inventory cost flow method should be used for the 32,000-unit physical inventory that was taken on December 31. The company plans to expand its product line in the future and uses the periodic inventory system. Write a brief memo to Ms. Kilmer comparing and contrasting the LIFO and FIFO inventory cost flow methods and their potential impacts on the companys financial statements.
The Hat Store had the following series of transactions for Year 2. Date Transaction Description January 1 Beginning inventory 70 units @ $22.00 March 15 Purchased 195 units @ $26.00 May 30 Sold 170 units @ $26.00 August 10 Purchased 265 units @ $27.00 November 20 Sold 340 units @ $39.75 Required a. Determine the quantity and dollar amount of inventory at the end of the year, assuming The Hat Store uses the FIFO cost flow assumption and keeps perpetual records. (Round your answers to 2 decimal places.) Only typing answer Please answer explaining in detail step by step without table and graph thankyou
Determine the Ending Inventory and Gross Profit using FIFO and LIFO for the quarter ending 3/31/XX for Company W (a widget reseller) based on the following information (Inventory on 1/14/XX = 0): Action Date Amount Cost Purchase 1/15/XX 150 Widgets $10 per Widget Purchase 2/15/XX 250 Widgets $11 per Widget Purchase 3/15/XX 600 Widgets $12 per Widget Total 1,000 Widgets Sell 3/20/XX 400 Widgets $20 per Widget Sell 3/25/XX 300 Widgets $20 per Widget 700 Widgets FIFO Inventory = LIFO Inventory = FIFO Gross Profit = LIFO Gross Profit =
MN Ltd had 50 units of commodity A on hand on 1 January 2021. The following purchases and sales were made during January: Opening Balance Purchases Sales Jan 1 50 units @ $200 Opening Inventory Plus: Purchase Less: Ending Inventory COGS Jan 3 Jan 12 500 units @ $280 200 units @ $250 Jan 25 150 units @ $210 MN Ltd uses the LIFO assumption. Fill in the table below. Please fill in the blanks by entering numbers only. Do not include space, dollar signs, or commas. Jan 7 $ Jan 27 10000 221500 44900 420 units 186600 300 units The financial year is from 1 Feb 2020 to 31 Jan 2021. The following transactions also happened in the financial year: a. MN Ltd raised a share capital of $1,000,000. b. Paid off the beginning balance of accounts payable. c. Purchased office supplies for $8,400 on credit from OfficeMax. The amount was still outstanding at the end of the financial year. d. Collected cash from a customer on account, $13,700. e. Paid dividends of $130,000. f. All the inventory purchased was…
The following is a record of Windsor Company's transactions for Boston Teapots for the month of May 2025. May 1 12 (a) 28 Balance Purchase Purchase 432 units Ending inventory $22.00 May 10 Sale 648 units @ $26.00 432 units @ $29.00 (1) FIFO 20 Sale LA 324 units Assuming that perpetual inventories are not maintained and that a physical count at the end of the month shows 605 units on hand, what is the cost of the ending inventory using (1) FIFO and (2) LIFO? (2) LIFO 583 units @ $41.00 $41.00
Study the information given below and calculate the value of closing inventory as at 31 March 2022using the weighted average cost method.INFORMATIONPrintgo Suppliers had an inventory of 10 printers at R2 000 each on 01 March 2022. The following transactions tookplace during March 2022 in respect of the printers that it sells:08 March 32 units at R2 100 each were purchased.09 March 12 units purchased on 08 March were returned to the supplier.20 March 20 units at R2 200 each were purchased on 20 March 2022.Printgo Suppliers sold 40 printers at R4 000 each during March 2022.
The Hat Store had the following series of transactions for Year 2. Date Transaction Description January 1 Beginning inventory 45 units @ $21.50 March 15 Purchased 210 units @ $25.50 May 30 Sold 160 units @ $25.50 August 10 Purchased 275 units @ $26.50 November 20 Sold 345 units @ $40.75 Required a. Determine the quantity and dollar amount of inventory at the end of the year, assuming The Hat Store uses the FIFO cost flow assumption and keeps perpetual records. (Round your answers to 2 decimal places.)
The following is a record of Nash Company's transactions for Colt Products for the month of May 2025. $21 826 units @ $21 May 1 (a) 12 28 Balance Purchase Purchase 612 units 918 units Ending inventory 612 units Your answer is incorrect. $10 May 10 @$13 @ $16 (1) FIFO Sale 20 Sale Assuming that perpetual inventories are not maintained and that a physical count at the end of the month shows 857 units on hand, what is the cost of the ending inventory using (1) FIFO and (2) LIFO? 459 units (2) LIFO
Nawa CC produces and sells only one product. The following data is available: Inventory levels (2022) 1 March 31 March Finished products (units) 500 ??? Units sold 1 800 at N$150 per unit Units purchased 1 900 Determine the units of closing inventory (finished goods). Answer: