3

The Fancy Phones Company sells phones to business customers. The company began 2009 with 2,000 units of inventory on hand. These units cost $200 each. The following transactions related to the company's merchandise inventory occurred during the first quarter of 2009. A Click the icon to view the transactions.) All unit costs include the purchase price and freight charges paid by Fancy Phones. During the quarter ending March 31, 2009, sales totaled 2,500 units, leaving 950 units in ending inventory. Assume Fancy Phones uses a periodic record-keeping system and the weighted average cost flow method. Requirements 1. Calculated the cost of goods sold that will appear on Fancy Phone's income statement for the quarter ending March 31. (Round the weighted average cost per unit to the nearest cent. Round the cost of goods sold to the nearest dollar.) = Cost of goods sold 2. Determine the cost of inventory that will appear on Fancy Phone's balance sheet at the end of March. (Round the weighted average cost per unit to the nearest cent. Round the cost of inventory to the nearest dollar.) = Cost of inventory i More Info - X January 14 February 13 Purchased Purchased 750 units for $225 each 500 units for $175 each 200 units for $205 each 1,450 units Purchased March 30 Total Purchases