P6.5B (LO 2, 3) AP Bennett Basketball sells a variety of basketballs and accessories. Information follows for Bennett Basketball's purchases and sales during February and March for Up-Snap, one of its top
brands of basketballs:
Purchases
Sales
Units Unit Cost Units Unit Price
Feb. 7
18
$32
23
50
$20
26
50
30
Mar. 10
24
19
23
29
23
Bennett uses a perpetual inventory system. On February 1, Bennett had 36 units on hand at a cost of $21
each. All purchases and sales during February and March were on account.
Instructions
a. Determine the cost of goods sold and ending inventory under a perpetual inventory system using (1)
FIFO and (2) weighted average. (Round the weighted average cost per unit to two decimal places.)
b. Calculate gross profit using (1) FIFO and (2) weighted average.

Accublade castings inc. casts blades for turbine engines. within the casting department, alloy is first melted in a crucible, then poured into molds to produce the castings. on may 1, there were 230 pounds of alloy in process, which were 60% complete as to conversion. the work in process balance for these 230 pounds was $32,844, determined as follows: exercises during may, the casting department was charged $350,000 for 2,500 pounds of alloy and $19,840 for direct labor. factory overhead is applied to the department at a rate of 150% of direct labor. the department transferred out 2,530 pounds of finished castings to the machining department. the may 31 inventory in process was 44% complete as to conversion. prepare the following may journal entries for the casting department: the materials charged to production the conversion costs charged to production the completed production transferred to the machining department determine the work in process"casting department may 31 balance.

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