Fly Company uses a perpetual inventory system. Beginning inventory is 2,500 T-shirts at a cost $2.50 per shirt. During the

Fly Company uses a perpetual inventory system. Beginning inventory is 2,500 T-shirts at a cost $2.50 per shirt. During the

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Fly Company uses a perpetual inventory system. Beginning inventory is 2,500 T-shirts at a cost $2.50 per shirt. During the
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Fly Company uses a perpetual inventory system. Beginning inventory is 2,500 T-shirts at a cost $2.50 per shirt. During the year Fly had the following inventory transactions:Jan 12Purchased500 units @ $2.15 per unitFeb 18Sold1,350 units @ $6.50 per unitJul 1Purchased1,000 units @ $2.65 per unitAug 29Sold1,475 units @ $7.50 per unitDec 19Purchased500 units @ $3.05 per unitAll purchases and sales are on account.
InstructionsCalculate the cost of goods sold and ending inventory using weighted average.Prepare journal entries to record the February 18 and the August 29 sales. All sales and purchases are made in cash.

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To calculate the cost of goods sold and ending inventory using weighted average there is need to det
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