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Yakal Company reported that a flood recently destroyed many of the financial records. The entity used an average cost inventory valuation. The entity made a physical count at the end of each month in order to determine monthly ending inventory value. By examining various documents, the following data are gathered: Ending inventory at July 31 Total cost of units available for sale in July Cost of goods sold during July Cost of beginning inventory, July 1 Gross profit on sales for July Units 55,000 53,000 45,000 47,000 200,000 July 5 11 15 16 Total purchases 1. What is the number of units on July 1? a. 102,500 b. 140,000 Unit cost 5.10 5.00 5.50 5.30 a. 288,000 b. 410,000 c. 312,600 d. 240,000 60,000 units 1,452,100 1,164,100 C. 76,500 d. 60,000 2. How many units were sold during the month of July? a. 242,500 b. 140,000 4.00 per unit 935,900 Total cost 280,500 265,000 247,500 249,100 1,042,100 c. 302,500 d. 260,000 3. What is the cost of the inventory on July 31?

Yakal Company reported that a flood recently destroyed many of the financial records. The entity used an average cost inventory valuation. The entity made a physical count at the end of each month in order to determine monthly ending inventory value. By examining various documents, the following data are gathered: Ending inventory at July 31 Total cost of units available for sale in July Cost of goods sold during July Cost of beginning inventory, July 1 Gross profit on sales for July Units 55,000 53,000 45,000 47,000 200,000 July 5 11 15 16 Total purchases 1. What is the number of units on July 1? a. 102,500 b. 140,000 Unit cost 5.10 5.00 5.50 5.30 a. 288,000 b. 410,000 c. 312,600 d. 240,000 60,000 units 1,452,100 1,164,100 C. 76,500 d. 60,000 2. How many units were sold during the month of July? a. 242,500 b. 140,000 4.00 per unit 935,900 Total cost 280,500 265,000 247,500 249,100 1,042,100 c. 302,500 d. 260,000 3. What is the cost of the inventory on July 31?

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 11RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...
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Yakal Company reported that a flood recently destroyed many of the financial records. The entity used an average cost inventory valuation. The entity made a physical count at the end of each month in order to determine monthly ending inventory. value. By examining various documents, the following data are gathered: Ending inventory at July 31 Total cost of units available for sale in July Cost of goods sold during July Cost of beginning inventory, July 1 Gross profit on sales for July Units 55,000 53,000 45,000 47,000 200,000 July 5 11 15 16 Unit cost Total purchases 1. What is the number of units on July 1? a. 102,500 b. 140,000 5.10 5.00 5.50 5.30 a. 288,000 b. 410,000 c. 312,600 d. 240,000 60,000 units 1,452,100 1,164,100 4.00 per unit 935,900 C. 76,500 d. 60,000 2. How many units were sold during the month of July? a. 242,500 b. 140,000 c. 302,500 d. 260,000 3. What is the cost of the inventory on July 31? Total cost 280,500 265,000 247,500 249,100 1,042,100
Transcribed Image Text:Yakal Company reported that a flood recently destroyed many of the financial records. The entity used an average cost inventory valuation. The entity made a physical count at the end of each month in order to determine monthly ending inventory. value. By examining various documents, the following data are gathered: Ending inventory at July 31 Total cost of units available for sale in July Cost of goods sold during July Cost of beginning inventory, July 1 Gross profit on sales for July Units 55,000 53,000 45,000 47,000 200,000 July 5 11 15 16 Unit cost Total purchases 1. What is the number of units on July 1? a. 102,500 b. 140,000 5.10 5.00 5.50 5.30 a. 288,000 b. 410,000 c. 312,600 d. 240,000 60,000 units 1,452,100 1,164,100 4.00 per unit 935,900 C. 76,500 d. 60,000 2. How many units were sold during the month of July? a. 242,500 b. 140,000 c. 302,500 d. 260,000 3. What is the cost of the inventory on July 31? Total cost 280,500 265,000 247,500 249,100 1,042,100
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