Homework: Week 4 - Chapter 06 exercises Score: 0 of 1 pt 3 of 10 2 complete) HW

Question

Homework: Week 4 - Chapter 06 exercises Score: 0 of 1 pt 3 of 10 2 complete) HW Score: 12.67%, 127011' S6-6 (similar to) Innovation Gycles starled October with 5 bioycles that cost $48 each On October 16, novation bought 30 bioyces at 55 each On Odtober 31,Innovation sold 1 Question Help bicycles for $97 each Requirements 1. Prepare Innovation Cycle's perpetual inventory record assuming the company uses the weighted-average inventory costing method 2. Journalize the October 16 purchase of merchandise inventory on account and the October 31 sale of merchandise inventory on account Requirement 1. Prepare Innovation Cydes perpetual inventory recard assuming the company uses the weighted-average inventory costing method start by entering the beginning inventory balances. Enter the transactions in chronological order, caiculating new inventory on hand balances after each transaction Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of inventory purchased, sold, and on hand at the end of the period. (Abbreviation used QTY Quantity, Tot-Total) Innovation Cycles Purchases Cost of Goods Sold Inventory on Hand ate TY Unit Cost To,Cost CTY Unit Cost Tot. Cost OTYUnit Cost Tot Cost Oct. 1 Enter any number in the edit fields and then click Check Answer emaining Clear All Check Answer

Explanation / Answer

1)

Average cost : [5*48]+[30*55] / [5+30]

         = 240+1650]/35

        = 54

2)

Purchase cost of goods sold Inventory on Hand Date Qty Unit cost Total cost Qty unit cost Total cost Qty unit cost Total cost Oct 1 5 48 240 Oct 16 30 55 1650 5+30=35 54 1890 oct 31 18 54 972 35-18=17 54 918

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