Jan-Con Company Provides the Following Information for the Month of August

question 96

Essay

Jan-Con Company provides the following information for the month of August. $$\begin{array} { | l | l | c | c | c | } \hline { \text { Date } } & & \text { Units } & \$/ \text { Unit } & \text { Total } \\\hline \text { Aug 1 } & \text { Opening inventory } & 40 & \$ 30 & \$ 1,200 \\\hline \text { Aug 3 } & \text { Purchase } & 60 & \$ 35 & \$ 2,100 \\\hline \text { Aug 10 } & \text { Sale } & 100 & \$ 60 & \$ 6,000 \\\hline \text { Aug 22 } & \text { Purchase } & 90 & \$ 40 & \$ 3,600 \\\hline \text { Aug 24 } & \text { Sale } & 70 & \$ 70 & \$ 4,900 \\\hline\end{array}$$ Required:
(a)What is the value of the ending inventory assuming the company uses a periodic inventory system and the weighted-average method?
(b)What is the cost of goods sold if the company uses a perpetual inventory system and the FIFO method of valuing inventory?
(c)What is the cost of goods sold if the company uses a perpetual inventory system and the weighted average method of valuing inventory?

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Definitions:

Shape Constancy

A perceptual phenomenon where the perceived shape of an object remains constant despite changes in the viewing angle or distance.

Proximity

The spatial or psychological closeness or nearness between people or objects, which can influence various aspects of human behavior and perception.

Timbre

The quality of a sound that distinguishes it from others, even when they have the same pitch and loudness.

Wavelength

The distance between consecutive crests of a wave, typically used to measure the length of waves in the spectrum of electromagnetic radiation.