The periodic inventory records of Witte Veterinary Supply indicate the following for the month of
April:
Apr
1 Beginning merchandise inventory 15 units @ $32 each
7 Purchase 7 units @ $32 each
18 Purchase 12 units @ $32 each
26 Purchase 10 units @ $32 each
As of April 30, Witte counts 8 units of merchandise inventory on hand.
Compute ending merchandise inventory and cost of goods sold for Witte using the weighted-average inventory method. (Round the per unit cost to two decimal places.)
What will be an ideal response
Weighted-Average cost per unit: Cost of goods available for sale / Goods available for sale
$1,562 / 44 units = $35.50
Ending inventory: 8 units x $35.50 = $284
Cost of goods available for sale:
Date
Quantity Unit
Cost Total
Cost
Apr. 1 15 units $ 32 $ 480
7 7 units $ 34 $ 238
18 12 units $ 37 $ 444
26 10 units $ 40 $ 400
Totals 44 units $ 1,562
Cost of goods sold:
Cost of Goods Available for Sale $ 1,562
Less: Ending Merchandise Inventory 284
Cost of Goods Sold $ 1,278
You might also like to view...
When a nation is in autarky and maximizes its living standard, its consumption and production points are
a. along the production possibilities frontier. b. above the production possibilities frontier. c. beneath the production possibilities frontier. d. beside the production possibilities frontier.
Patricia, a secretary at a law firm, had a comfortable job with fixed working hours. Suddenly, her boss informed her that starting next week, she would be required to work extra hours. He said that the firm had received many new clients; therefore, the workload had increased. Taken aback by the unanticipated change, Patricia refused to comply with her boss's wishes. Patricia resisted the change because
A. she had sufficient time to think about the change and prepare for it. B. the change was unexpected and took her by surprise. C. the timing of the change was wrong from the company's perspective. D. her current job already had variable working hours. E. she had expected it.
Sia plays Town & Country (T&C), a virtual world in which T&C dollars are traded for real dollars at a ratio of 250 to 1. To play the game, Sia had to agree that T&C has the right to erase all of Sia's virtual property on her death. To avoid this fate, Sia should
A. change all passwords without informing T&C. B. name a digital executor to collect Sia's passwords after her death. C. disavow any and all affiliation with T&C. D. exchange all virtual assets for virtual dollars.
Congress passed the Civil Rights Act of 1964 . Title VII of the Civil Rights deals with discrimination in:
a. education. b. housing. c. employment. d. public accommodation.