Solved

The Records of Weight Unlimited Showed the Following for June

Question 129

Essay

The records of Weight Unlimited showed the following for June:  Sales 2,100 units at $100 each  Purchases 2,000 units at $75 each  Beginning inventory 3,000 units at $56 each \begin{array}{|l|l|}\hline \text { Sales } & 2,100 \text { units at } \$ 100 \text { each } \\\hline \text { Purchases } & 2,000 \text { units at } \$ 75 \text { each } \\\hline \text { Beginning inventory } & 3,000 \text { units at } \$ 56 \text { each } \\\hline\end{array}
Assuming the periodic inventory system is used complete the following tabulation.  FIFO  Weighted Average  (1) Sales $$ (2) Cost of goods sold $$ (3) Gross margin $$ (4) Ending inventory $$\begin{array} { | l | l | l | } \hline & \text { FIFO } & \text { Weighted Average } \\\hline \text { (1) Sales } & \$ & \$ \\\hline \text { (2) Cost of goods sold } & \$ & \$ \\\hline \text { (3) Gross margin } & \$ & \$ \\\hline \text { (4) Ending inventory } & \$ & \$ \\\hline\end{array}

Correct Answer:

verifed

Verified

Computations:
FIFO:
Weighted Average: blured image
C...

View Answer

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents