Calculate cost of goods sold and ending inventory: perpetual weighted average cost. (LO 3,4)
Cutting Edge Enterprises Inc. sells flat-screen televisions. The company began the last quarter of the year on October 1, 2009, with 750 units of inventory on hand. These units cost $1,000 each. The following transactions related to the company’s merchandise inventory occurred during the last quarter of2009.
| October 15 | Sold 450 units for $3,000 each |
| October2 9 | Purchased5 00 units for $1,800e ach |
| November 15 | Sold 450 units for 94,000 each |
| December 28 | Purchased 500 units for 92,350 each |
| December 30 | Sold 800 units for $5,000 each |
All unit costs include the purchase price and freight charges paid by Cutting Edge Enterprises.
Assume Cutting Edge uses a perpetual inventory system and the weighted average cost flow method.
a. Calculate the cost of goods sold that will appear on Cutting Edge Enterprises’ income statement for the quarter ending December 31, 2009.
b. Determine the cost of inventory that will appear on Cutting Edge Enterprises’ balance sheet at the end of December.
Economic Debate- Progressive Income Tax For this Economic Debate, we are going to discuss the…
TOPIC: Going Global Discussion Thread 1 (initial post due Wednesday for full credit) Please note:…
Assignment Topic This week will culminate in the creation of a narrated PowerPoint to create…
The Assignment must be submitted on Blackboard (WORD format only) via allocated folder. Assignments submitted…
you need to post your 2-page information flier to share with your Final Project Group.…
discussion: Discuss the methods used at your company to measure and ensure quality products and…