Answer Happy

ABC Limited had the following purchases and sales during its fiscal year ending December 31, 2021: Date Jan. 2 Feb1 19 Apr. 21 Oct. 6 Oct. 15 Purchased Sold Purchased Purchased Sold Units #) 225 195 215 185 405 Unit Price $20/unit $42/unit $24/unit $25/unit $45/unit ABC Limited uses a perpetual inventory system and the Moving Weighted Average method to cost their inventory. Required: Calculate the dollar value of Cost of Goods Sold (COGS) and Ending Inventory. Round to two decimal places. Prepare the journal entries for each transaction. 3. Calculate the Gross Profit at year end.
С D E F F G A B 1 Given Data: 2 Jan. 2 Purchased 3 Feb. 19 Sold 4 Apr. 21 Purchased 5 Oct. 6 Purchased 6 Oct. 15 Sold 7 8 9 10 11 225 units @ $ 20 = 195 units @ $ 42 215 units @ $ 24 185 units @ $ 25 = 405 units @ $ 45 $ 4,500 $ 8,190 $ 5,160 $ 4,625 $ 18,225 co
Balance 6 Moving weighted average (round to the nearest whole cent) 7 Purchases Sales (at cost) Cost of 8 Date Units Unit Cost Total Cost Units Unit Cost Goods Sold 9 Jan. 2 10 Units Unit Cost Total Cost 12 Feb. 19 13 15 Apr. 21 16 18 Oct. 6 19 20 21 Oct. 15 22 24 Totals 25 26 Cost of goods available for sale = Cost of goods sold + Ending inventory GivenData Part 1-Weighted Average Part 2 - Journal Entries Part 3 Gross Profit Ready FLOW Accessibility: Good to go RE
5 6 Date ABC Limited GENERAL JOURNAL Account Titles and Explanations Debits Credits 8 9 un Aono 0 00 N on A 12 13 15 16 18 19 20 22 23 24 তাে 5 ম শ ন 0 = ১ 27 GivenData Part 1-Weighted Average Part 2-Journal Entries Part 3
3 4 Part 3: Gross Profit 5 0 UMN 7 8 Sales 9 Cost of goods sold 10 Gross profit 12 13 se