{"id":193305,"date":"2025-02-19T09:51:54","date_gmt":"2025-02-19T09:51:54","guid":{"rendered":"https:\/\/learnexams.com\/blog\/?p=193305"},"modified":"2025-02-19T09:51:56","modified_gmt":"2025-02-19T09:51:56","slug":"provide-your-answers-in-the-space-given-below-by-entering-numbers-only-e-g-10000-or-10000","status":"publish","type":"post","link":"https:\/\/www.learnexams.com\/blog\/2025\/02\/19\/provide-your-answers-in-the-space-given-below-by-entering-numbers-only-e-g-10000-or-10000\/","title":{"rendered":"Provide your answers in the space given below by entering numbers only (e.g. 10000 or -10000)"},"content":{"rendered":"\n<p>Provide your answers in the space given below by entering numbers only (e.g. 10000 or -10000). Do not round intermediate numbers and round the final results to the nearest dollar.<br>ABC Co. has the following information in 2020:<br>2020<br>Jan 1<br>Purchases:<br>Units<br>Unit cost<br>Total Cost<br>Beginning Inventory<br>22<br>$56<br>$1232<br>Mar 28<br>Purchase<br>Aug 22<br>Purchase<br>28<br>63<br>1764<br>32<br>72<br>2304<br>Oct 14<br>Purchase<br>27<br>78<br>2106<br>Goods Available for Sale<br>109<br>$7406<br>Sales:<br>Unit Sales Price<br>Revenue<br>May 1<br>Sales<br>38<br>$100<br>$3800<br>Oct 28<br>Sales<br>28<br>$100<br>$2800<br>Total Revenue<br>66<br>$6600<\/p>\n\n\n\n<p>Required:<br>Calculate the amount of ending inventory and cost of goods sold for ABC Co. under the following assumptions.<\/p>\n\n\n\n<p><br>a. Using the Weighted Average inventory costing methods, assuming the company uses the periodic system;<br>Weight Average Cost per Unit:<br>Ending Inventory:<br>Cost of Goods Sold<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/learnexams.com\/blog\/wp-content\/uploads\/2025\/02\/image-991-821x1024.png\" alt=\"\" class=\"wp-image-193306\"\/><\/figure>\n\n\n\n<p><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-ast-global-color-6-color\"><strong>The Correct Answer and Explanation is :<\/strong><\/mark><\/p>\n\n\n\n<p>Under the Weighted Average inventory costing method and assuming a periodic system, here are the calculations:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Weighted Average Cost per Unit (WAC)<\/strong>: The total cost of goods available for sale is divided by the total number of units available for sale.<br>[<br>WAC = \\frac{7406}{109} = 67.92 \\, \\text{(rounded to 2 decimal places)}<br>]<\/li>\n\n\n\n<li><strong>Ending Inventory<\/strong>: This is the number of remaining units (total units available minus units sold) multiplied by the weighted average cost per unit.<br>[<br>\\text{Ending Inventory} = 44 \\times 67.92 = 2922 \\, \\text{(rounded to nearest dollar)}<br>]<\/li>\n\n\n\n<li><strong>Cost of Goods Sold (COGS)<\/strong>: This is the total number of units sold (38 + 28) multiplied by the weighted average cost per unit.<br>[<br>\\text{COGS} = 66 \\times 67.92 = 4484 \\, \\text{(rounded to nearest dollar)}<br>]<\/li>\n<\/ul>\n\n\n\n<p>Thus, the <strong>Ending Inventory<\/strong> is $2,922, and the <strong>Cost of Goods Sold (COGS)<\/strong> is $4,484.<\/p>\n\n\n\n<p>I\u2019ll generate the image you requested for visual representation.<\/p>\n\n\n\n<p>Here is the infographic showing the breakdown of the Weighted Average method for calculating ending inventory and cost of goods sold. It includes the relevant calculations and values for each step. Let me know if you need any further clarification!<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/learnexams.com\/blog\/wp-content\/uploads\/2025\/02\/image-992.png\" alt=\"\" class=\"wp-image-193307\"\/><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Provide your answers in the space given below by entering numbers only (e.g. 10000 or -10000). Do not round intermediate numbers and round the final results to the nearest dollar.ABC Co. has the following information in 2020:2020Jan 1Purchases:UnitsUnit costTotal CostBeginning Inventory22$56$1232Mar 28PurchaseAug 22Purchase2863176432722304Oct 14Purchase27782106Goods Available for Sale109$7406Sales:Unit Sales PriceRevenueMay 1Sales38$100$3800Oct 28Sales28$100$2800Total Revenue66$6600 Required:Calculate the amount [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[25],"tags":[],"class_list":["post-193305","post","type-post","status-publish","format-standard","hentry","category-exams-certification"],"_links":{"self":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/posts\/193305","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/comments?post=193305"}],"version-history":[{"count":0,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/posts\/193305\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/media?parent=193305"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/categories?post=193305"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/tags?post=193305"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}