Wattan Company reports beginning inventory of 10 units at $60 each. Every week for four weeks it purchases an additional 10 units atrespective costs of $61, $62, $65, and $70 per unit for weeks 1 through 4. Compute the cost of goods available for sale and the unitsavailable for sale for this four-week period. Assume that no sales occur during those four weeks.ActivityBeginning Inventory1st week purchase2nd week purchase3rd week purchase4th week purchaseUnits available for saleCost of goods available for saleUnitsUnits costCost of GoodsAvailableS0 Walberg Associates, antique dealers, purchased goods for $75,000. Terms of the purchase were FOB shipping point,and the cost of transporting the goods to Walberg Associates's warehouse was $2,400. Walberg Associates Insured theshipment at a cost of $300. Prior to putting the goods up for sale, they cleaned and refurbished them at a cost of $980.Determine the cost of Inventory.Cost of inventoryTotal cost of inventory$0

Wattan Company reports beginning inventory of 10 units at $60 each. Every week for respective costs of $61, $62, $65, and $70 per unit for weeks 1 through 4. Compute t available for sale for this four-week period. Assume that no sales occur during those

Wattan Company reports beginning inventory of 10 units at $60 each. Every week for respective costs of $61, $62, $65, and $70 per unit for weeks 1 through 4. Compute t available for sale for this four-week period. Assume that no sales occur during those

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 4CP: Golden Eagle Company began operations on April 1 by selling a single product. Data on purchases and...

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Question

Wattan Company reports beginning inventory of 10 units at $60 each. Every week for four weeks it purchases an additional 10 units at
respective costs of $61, $62, $65, and $70 per unit for weeks 1 through 4. Compute the cost of goods available for sale and the units
available for sale for this four-week period. Assume that no sales occur during those four weeks.
Activity
Beginning Inventory
1st week purchase
2nd week purchase
3rd week purchase
4th week purchase
Units available for sale
Cost of goods available for sale
Units
Units cost
Cost of Goods
Available
S
0

Walberg Associates, antique dealers, purchased goods for $75,000. Terms of the purchase were FOB shipping point,
and the cost of transporting the goods to Walberg Associates's warehouse was $2,400. Walberg Associates Insured the
shipment at a cost of $300. Prior to putting the goods up for sale, they cleaned and refurbished them at a cost of $980.
Determine the cost of Inventory.
Cost of inventory
Total cost of inventory
$
0

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