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#9 Alpha Company uses the periodic inventory system for purchase & sales of merchandise. The value of inventory is based on periodic system. On January
#9 Alpha Company uses the periodic inventory system for purchase & sales of merchandise. The value of inventory is based on periodic system. On January 1, 2016, beginning inventory consisted of 400 units of widgets costing $10 each. Alpha prepares monthly income statements. The following events occurred during the month of Jan.: Using the Weighted Average method, determine the dollar values following for the month of January: (Enter only whole dollar values.)
1. Ending Inventory
2. Cost of Goods Available for Sale
3. Cost of Goods Sold
Date Activity a. Jan. 3 Purchased on account 350 widgets for $11 each. b Jan. 5 Sold on account 500 widgets for $30 each. c. Jan. 10 Purchased on account 650 widgets for $12 each. . Returned 50 widgets received from Jan. 10 purchase. d Jan. 12 e. Jan. 13 Paid for the purchases made on Jan. 3. f. Jan. 21 Sold on account 550 widgets for $30 each. g. Jan. 25 Received payment for the sale made on Jan. 5 h. Jan. 26 Paid for the purchases made on Jan. 10 i.Jan. 31 Received payment for the sale made on Jan. 21Step by Step Solution
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