Connect Has Been Selling Cellular Phones for the Last Five

question 84

Essay

Connect has been selling cellular phones for the last five years. Its best-selling model is the E-PHONE. The following information pertains to the E-PHONE inventory for August 2020:
$$\begin{array} { | l | r | r | } \hline & \text { Units } & \text { Unit cost } \\\hline \text { Opening inventory } & 4,000 & \$ 50 \\\hline \text { Purchase 1 } & 2,400 & 40 \\\hline \text { Sale 1 } & ( 1,800 ) & \\\hline \text { Purchase 2 } & 4,400 & 53 \\\hline \text { Sale 2 } & \underline { 4,200 } & \\\hline \text { Ending inventory } & \underline { 4,800 } \\\hline\end{array}$$ Required:
a. If Connect uses the FIFO method under a periodic inventory system, what would be the cost of ending inventory for August 2020?
b. If Connect uses the weighted-average method under a periodic inventory system, what would be the cost of goods sold for August 2020?
c. If Connect uses the weighted-average method under a perpetual inventory system, what would be the cost of ending inventory for August 2020?

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Definitions:

Violent Films

Movies that contain scenes of physical aggression, harm, or brutality, often discussed in terms of their potential impact on viewers' behavior and attitudes.

Control Group

In experimental research, a group of subjects that does not receive the experimental treatment and is used as a benchmark to measure how the other tested groups do.

Experimental Group

The group in an experiment that receives the variable being tested, as opposed to the control group, which does not.

Dependent Variable

This is the variable in experimental research that is expected to change as a result of manipulations to the independent variable.