Sunshine Pets Ltd Holds Beginning Inventory Of 16 Bags Of Health Science Cat Food At A Cost Of 28 Each As At July 1 1 (65.21 KiB) Viewed 47 times
Sunshine Pets Ltd Holds Beginning Inventory Of 16 Bags Of Health Science Cat Food At A Cost Of 28 Each As At July 1 2 (19.47 KiB) Viewed 47 times
Sunshine Pets Ltd Holds Beginning Inventory Of 16 Bags Of Health Science Cat Food At A Cost Of 28 Each As At July 1 3 (11.17 KiB) Viewed 47 times
Sunshine Pets Ltd. holds beginning inventory of 16 bags of health science cat food at a cost of $28 each, as at July 1. During the month of July, the company has recorded the following purchases and sales (see table below). Sunshine Pets Ltd. is using the perpetual inventory method and follows the weighted average cost approach. Assume that all purchase and sales transactions have been made in cash. Purchased Purchased Date Weighted Unit Cost in Average per Sales Units Sales Unit Units $ Unit Price in $ 02-Jul 4 29.00 28.20 10-Jul 10 75.00 12-Jul 10 30.00 29.10 Req. 1: Prepare the four required journal entries for the puchase and selling transactions listed in the table above. Use table 1 below for your answer. Req. 2: Calculate Sunshine Pet's ending inventory cost ($-amount) by the end of July. Enter the amount in table 2 below. Required format: plain number (no $-sign, etc.), round to two digits. Req. 3: Disregard your own calucations of the cost of goods sold and assume they are $254.00. Calculate the gross profit margin (i.e., gross profit percentage) and enter your response in table 3 below. Required format: enter percentage as plain number (no %-sign, etc.), round to two digits. E.g. if the result is 0.64582, enter 64.58
Scroll down further if you don't see all the response boxes in the window. Req. 1 (table 1): Enter journal entries in the table below. Leave unused rows blank Date Account Debit Credit
Req. 2 (table 2): Ending inventory (at cost) at the end of July: Req. 3 (table 3): Gross profit margin for the month of July, based on provided COGS:
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