Answered step by step
Verified Expert Solution
Link Copied!
Question
1 Approved Answer

A company reports the following beginning inventory and purchases for the month of January. On January 26, the company sells 410 units. 150 units remain

A company reports the following beginning inventory and purchases for the month of January. On January 26, the company sells 410 units. 150 units remain in ending inventory at January 31.

Units Unit Cost
Beginning inventory on January 1 370 $ 3.60
Purchase on January 9 80 3.80
Purchase on January 25 110 3.90

Assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Round per unit costs to 3 decimal places. Amounts to be deducted should be indicated with a minus sign.)

Periodic Weighted Average Inventory on hand Cost of Goods Sold
# of units Cost per unit Inventory Value # of units sold Avg.Cost per unit Cost of Goods Sold
Beginning Inventory $0
Purchase - January 9 80 $3.800 304
Purchase - January 25 110 $3.900 429
Available for Sale 190 733
January Sales 0
Total 190 $733 0 $0

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image
Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Implementing Change With Clinical Audit

Authors: Richard W. Baker, Hilary M. Hearnshaw, Noelle Robertson

1st Edition

0471982571, 978-0471982579

More Books

Students explore these related Accounting questions