The Inventory Records of ZUP Indicate the Following Regarding Its

question 71

Essay

The inventory records of ZUP indicate the following regarding its best-selling product for the month of January:
$$\begin{array} { | l | r | r | } \hline & \text { Units } & \text { Unit cost } \\\hline \text { Opening inventory } & 6,000 & \$ 4,00 \\\hline \text { Purchase 1 } & 4,000 & 3.70 \\\hline \text { Sale 1 } & ( 3,600 ) & \\\hline \text { Purchase 2 } & 8,000 & 2.80 \\\hline \text { Sale 2 } & \underline { ( 5,000 } \\\hline \text { Ending inventory } & \underline { 9,400 } \\\hline\end{array}$$ Required:
Calculate the dollar amount of ending inventory and cost of goods sold under each of the following cost flow assumptions:
a. Weighted-average cost, periodic inventory.
b. First-in, first-out (FIFO), perpetual inventory.
c. Weighted-average cost, perpetual inventory.

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Definitions:

First Year Statistics Students

Individuals at the initial stage of their academic coursework focusing on the study of collecting, analyzing, interpreting, presenting, and organizing data.

Proportion of Defective

This term refers to the fraction or percentage of items in a batch or lot that are considered defective or not meeting the predefined standards of quality.

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Household appliances designed for laundering clothes, utilizing water, detergent, and mechanical action.

Sample Size

The number of observations or data points collected from a subset of a population for analysis.