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(Solved) E5-3B. Calculate cost of goods sold and ending inventory: periodic weighted average cost. (LO 3,...


E5-3B. Calculate cost of goods sold and ending inventory: periodic  weighted average   cost. (LO 3, 4) Sandy's Clean Carpet Company sells commercial vacuums. The company's fiscal year be­ gins July ] , 2006, and ends June 30, 2007. Sandy's began the year with 1,500 units of in­ ventory on hand. These units cost $200 each. The following transactions related to the company 's merchandise  inventory  occurred  during the first quarter of the year. July 15                        Purchased 450 units for $195 each August 28                   Purchased 575 units for $190 each September 10            Purchased QQQ units for $185 each Total purchases                         1,625 units All unit costs include the purchase price and freight charges paid by Sandy's Clean Carpet. During  the quarter ending  September 30, 2006,  sales in units totaled  1,950  units. Assume Sandy's Clean Carpet uses a periodic inventory system and the weighted av­ erage cost flow  method. a.    Calculate the cost of goods sold that will appear on Sandy's Clean Carpet Company's  income statement for  the quarter ending  September   30. b.     Determine the cost of inventory that will appear on Sandy's Clean Carpet Company's balance  sheet at the  end  of September.      

 


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