Intercontinental, Incorporated, uses a perpetual inventory system. Consider the following information about itsinventory: August 1, purchased 10 units for $910 or $91 per unit; August 3, purchased 15 units for $1,590 or $106per unit; August 14, sold 20 units; August 17, purchased 20 units for $2,300 or $115 per unit; August 28, purchased10 units for $1,190 or $119 per unit; August 30, sold 23 units.Using weighted average, the cost of goods sold for the sale of 23 units on August 30 isbalance at August 30 isCost of goods soldInventory balanceand the inventory

Companies may just produce goods without selling them during a particular season of the year. Hence,…

Intercontinental, Incorporated, uses a perpetual in inventory: August 1, purchased 10 units for $910 or per unit; August 14, sold 20 units; August 17, purch 10 units for $1,190 or $119 per unit; August 30, sold Using weighted average, the cost of goods sold fo balance at August 30 is

Intercontinental, Incorporated, uses a perpetual in inventory: August 1, purchased 10 units for $910 or per unit; August 14, sold 20 units; August 17, purch 10 units for $1,190 or $119 per unit; August 30, sold Using weighted average, the cost of goods sold fo balance at August 30 is

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 12RE: Carla Company uses the perpetual inventory system. The following information is available for...

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Question

Intercontinental, Incorporated, uses a perpetual inventory system. Consider the following information about its
inventory: August 1, purchased 10 units for $910 or $91 per unit; August 3, purchased 15 units for $1,590 or $106
per unit; August 14, sold 20 units; August 17, purchased 20 units for $2,300 or $115 per unit; August 28, purchased
10 units for $1,190 or $119 per unit; August 30, sold 23 units.
Using weighted average, the cost of goods sold for the sale of 23 units on August 30 is
balance at August 30 is
Cost of goods sold
Inventory balance
and the inventory

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Intercontinental, Incorporated, uses a perpetual inventory system. Consider the following information about its inventory: August 1, purchased 10 units for $910 or $91 per unit; August 3, purchased 15 units for $1,590 or $106 per unit; August 14, sold 20 units; August 17, purchased 20 units for $2,300 or $115 per unit; August 28, purchased 10 units for $1,190 or $119 per unit; August 30, sold 23 units. Using FIFO, the cost of goods sold for the sale of 23 units on August 30 is ____ and the inventory balance at August 30 is _____.
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Intercontinental, Incorporated, uses a perpetual inventory system. Consider the following information about its inventory: August 1, purchased 10 units for $910 or $91 per unit; August 3, purchased 15 units for $1,590 or $106 per unit; August 14, sold 20 units; August 17, purchased 20 units for $2,300 or $115 per unit; August 28, purchased 10 units for $1,190 or $119 per unit; August 30, sold 23 units. Using LIFO, the cost of goods sold for the sale of 23 units on August 30 is and the inventory balance at August 30 is Cost of goods sold Inventory balance
Intercontinental, Inc., uses a perpetual inventory system. Consider the following information about its inventory: July 1, purchased 10 units for $910 or $91 per unit; July 3, purchased 15 units for $1,590 or $106 per unit; July 14, sold 20 units; July 17, purchased 20 units for $2,300 or $115 per unit; July 28, purchased 10 units for $1,190 or $119 per unit; July 31, sold 23 units.Using FIFO, the cost of goods sold for the sale of 23 units on July 31 is ____ and the inventory balance at July 31 is _____.
Intercontinental, Inc., uses a perpetual inventory system. Consider the following information about its inventory: July 1, purchased 10 units for $910 or $91 per unit; July 3, purchased 15 units for $1,590 or $106 per unit; July 14, sold 20 units; July 17, purchased 20 units for $2,300 or $115 per unit; July 28, purchased 10 units for $1,190 or $119 per unit; July 31, sold 23 units.Using weighted average, the cost of goods sold for the sale of 23 units on July 31 is ____ and the inventory balance at July 31 is _____.
dorothy corporation had beginning inventory of 11 units at a cost of $20 each on march 1. on march 2, the entity purchased 11 units at $34 each. On March 6 it purchased 5 units at $25 each. On March 8, it sold 25 units for $68 each. Using the FIFO perpetual inventory method, what was the cost of the 25 units sold?