016 3 4 S 3 7 Sunshine Pets Ltd Holds Beginning Inventory Of 14 Bags Of Health Science Cat Food At A Cost Of 16 Each 1 (41.3 KiB) Viewed 30 times
016 3 4 S 3 7 Sunshine Pets Ltd Holds Beginning Inventory Of 14 Bags Of Health Science Cat Food At A Cost Of 16 Each 2 (35.02 KiB) Viewed 30 times
016 3 4 S 3 7 Sunshine Pets Ltd Holds Beginning Inventory Of 14 Bags Of Health Science Cat Food At A Cost Of 16 Each 3 (35.02 KiB) Viewed 30 times
016 3 4 S 3 7 Sunshine Pets Ltd Holds Beginning Inventory Of 14 Bags Of Health Science Cat Food At A Cost Of 16 Each 4 (31.19 KiB) Viewed 30 times
016 3 4 S 3 7 ✓ Sunshine Pets Ltd. holds beginning inventory of 14 bags of health science cat food at a cost of $16 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 Weighted Date Sales Unit Units Unit Cost in Average per Sales Units $ Unit Price in $ 02-Jul 10 17.00 16.42 10-Jul 12 58.00 12-Jul 8 19.00 17.45 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 (S-amount) at the end of July. Enter the amount in table 2 below. Required format: plain number (no S-sign, etc.), round to two digits. Req. 3: Disregard your own calucations for the cost of goods sold and assume they are $178.00. Calculate the gross profit margin (.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 calculated result is 0.64582, enter 64.38 9 10 12 13 15 16 o
Required format: plain number (no S-sign, etc.), round to two digits. Req. 3: Disregard your own calucations for the cost of goods sold and assume they are $178.00. 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 calculated result is 0.64582, enter 64.58 V ou Paragraph B 1 UA do tw Req. 1 (table 1): Enter journal entries in the table below. Leave unused rows blank. Date Account Debit Credit
margin (1.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 calculated result is 0.64582, enter 64.58 Paragraph V B 1 UA V .. * Req. 2 (table 2): Ending inventory (at cost) at the end of July: Req. 3 (table 3): 1 Gross profit margin for the month of July, based
Join a community of subject matter experts. Register for FREE to view solutions, replies, and use search function. Request answer by replying!